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STUDY GUIDE Final Exam Economics.

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Presentation on theme: "STUDY GUIDE Final Exam Economics."— Presentation transcript:

1 STUDY GUIDE Final Exam Economics

2 Liabilities Capital Profit Traditional Economic System Command Economic System Mixed Economic System Market Economic System Services Wants Economics Opportunity Cost Resource Economy Karl Marx John Locke Thomas Malthus Adam Smith

3 Stability Free Enterprise Economic Growth Profit Incentive Capitalism Utility Real Income Law of Demand Substitution Effect Elastic Demand Law of Supply Shortage Surplus Equality Right-to-Work Laws Supply Inelastic Supply Production Cost Debt Competition

4 Capitalism Time Utility Specialization Real Income Equilibrium Price Price Elasticity Sole Proprietorship Franchise Cooperative Corporation Preferred Stock Common Stock Partnership Civilian Labor Force Boycott Strike Injunction Lockout Arbitration Mediation

5 White Collar Service Worker Skilled Worker Unskilled Worker Semi-skilled Worker Professional Goods Laissez-Faire Marginal Utility Possession Utility Bond Blue Collar Worker

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