June 10

Economics Final Review Sheet

Key Terms and Ideas

inelastic                       law of demand                       inferior good elastic                  complement    

substitute                     ceteris paribus                          market                                surplus            

Factors of production   shortage                                   bank run                              entrepreneur   

Broker                         Bear Market                            Exempt                                Regressive tax            

FICA                           Bull Market                             Gross Pay                           Net Pay                      

Price of Inputs            Fixed Cost                              Human Capital                     Supply curve  

Demand Curve            Property taxes                         Income Tax                         Sales tax         

Excise Tax                   S&P 500                                  Compliments                      Traditional      

Mixed                          Command                               Social Security                     Types of Bonds

Budgeting- Auto Loan, Mortgage, Rent, Types of Insurance, Spousal Support, Child Support, Utilities

Taxes- tax brackets, evasion, types of taxes, tax forms, and deductions

Money/Banking- Types of money, Loans, FDIC, Mortgage, Checking