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Economics and Personal finance > Final Exam Study Guide > Flashcards

Final Exam Study Guide Flashcards

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1
Q

Define Scarcity

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2
Q

Explain the basic concept of “There is No Such Thing As a Free Lunch”

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3
Q

What are the basic questions of Economics?

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4
Q

Name the four Factors of production

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5
Q

Explain the difference between a capital and a consumer good

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6
Q

Explain the difference between a durable and nondurable goods

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7
Q

Explain concepts around value(Paradox of Value)

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8
Q

Give important notes on the concept of “utility”

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9
Q

Give important notes on the critical book The Wealth of Nations

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10
Q

Give details on the concept of the “division of labor”

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11
Q

Define Trade-Offs

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12
Q

Define Opportunity Costs

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13
Q

Be able to identify a production Possibilities Frontier diagram

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14
Q

Give Examples of traditional economies

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15
Q

Explain a few key characteristics of command economies

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16
Q

Name a few examples of command economies over the ages

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17
Q

How are decisions made in a market economy?

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18
Q

Describe “Capitalism”

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19
Q

Name a few ways in which the US is a mixed economy

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20
Q

Give a few key details on the thoughts and ideas of Karl Marx

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21
Q

Compare and contrast John Maynard Keynes vs. Milton Friedman

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22
Q

Explain Monopolistic competition

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22
Q

Give examples of oligopolies

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23
Q

What US law is associated with the beginnings of regulating monopolies

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24
Q

Explain Comparative advantage

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25
Q

Identify (draw) a demand curve

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26
Q

Explain the marginal utility and diminishing marginal utility

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27
Q

Explain Substitute goods

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27
Q

Explain complementary goods

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28
Q

Explain demand elasticity

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29
Q

Identify (draw) a supply curve

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29
Q

Give details on surpluses

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30
Q
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31
Q

Be able to identify (draw) Equilibrium price/Market Equilibrium on a chart

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32
Q

Explain a few details of GDP

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33
Q

Explain per capita GDP

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34
Q

What is the difference between nominal and real GDP

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35
Q

What is the business cycle exactly

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36
Q

Identify the business cycle on a chart

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37
Q

Explain Recessions

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38
Q

What is the misery Index?

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39
Q

Explain the difference between a recession and a depression.

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40
Q

Name and describe the four characteristics of money

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41
Q

Explain how money can lose value

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42
Q

Function of money: Medium of exchange

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43
Q

Function of Money: Measure of value

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44
Q

Function of Money: Store of value

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45
Q

Explain measuring prices, the CPI, and Market Basket

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46
Q

Describe consequences of inflation

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47
Q

Name and describe 3 types of inflation

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48
Q

Name results of deflation

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49
Q

What is fiscal policy? (21,23)

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50
Q

What is currency?

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51
Q

Differentiate between M1 and M2 money

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51
Q

What is money supply?

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52
Q

Define monetary supply

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53
Q

What is the discount rate?

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54
Q

List problems for many Americans concerning personal finance

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55
Q

Give examples of passive income

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56
Q

Give notes on what a portfolio is

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57
Q

Give examples of payroll deductions

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58
Q

Explain disposable income

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58
Q

Explain discretionary income

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59
Q

Describe the “gig economy”

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60
Q

Explain the benefits of a salaried position

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61
Q

Explain a negative of salaried positions

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62
Q

Name ways the state of NC levies taxes

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62
Q

Explain property taxes

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63
Q

What are payroll taxes for?

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64
Q

Give details on the estate tax

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65
Q

Explain the progressive tax in the US

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65
Q

Explain the arguments for and against the flat tax

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66
Q

Explain the sales tax in NC

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66
Q

Name examples of excise taxes in NC

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67
Q

Explain the argument of sales taxes being “regressive”

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68
Q

Explain details concerning the corporate income tax

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69
Q

Explain “pre-tax deductions”

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70
Q

What are the 401k’s?

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71
Q

Explain and name types of financial goals

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71
Q

What are insurance premiums?

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71
Q

Explain fiscal responsibility

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72
Q

Name types of insurance premiums

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73
Q

What are flexible spending accounts?

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74
Q

In what ways can variable concerns affect spending plans?

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75
Q

What are union dues?

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76
Q

Name important aspects of creating and monitoring a budget

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77
Q

Income vs. Expenses……softball

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78
Q

Needs Vs. Wants……softball

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78
Q

Explain important aspects of spending plans being unique

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79
Q

What are the costs and benefits of renting?

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80
Q

What are the costs and benefits of owning a home?

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80
Q

Explain mortgages

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80
Q

What is an “adjustable rate” mortgage?

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81
Q

What are the costs and benefits of leasing?

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82
Q

Name other types of mortgages

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82
Q

What is PMI?

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83
Q

What is a “fixed rate” mortgage”?

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84
Q

What is APR?

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85
Q

How can credit ratings and down payments affect mortgages?

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86
Q

What is the difference between compound and simple interest?

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Economics and Personal finance (10 decks)

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