Final Exam Review Honors Economics 2012 - 2013.

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Presentation transcript:

Final Exam Review Honors Economics 2012 - 2013

Circular Flow Model

Basic Principles of Economics What is economics? What is opportunity cost? What is the difference between needs and wants?

Microeconomics v. Macroeconomics

Production Possibilities Curves

Market Failure

Inferior vs. Normal Goods

Supply, Demand, and Equilibrium

Complements and Supplements

Price Ceilings and Floors

Macroeconomic Indicators GDP Inflation Unemployment

Business Cycle

Laffer Curve

Federal Reserve System

Fiscal v. Monetary Policy

Credit Scores

Credit Cards

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