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