Walukiewicz

A.P. Economics Final Exam Study Guide

 

 

Mr. Walukiewicz what would be the best method to study for the final examination? If I knew the answer to that question I would most likely be raking in money as a how to author rather than a secondary school teacher. However, I do have a few points of advice to aid you in your final examination preparation for Economics.

 

#1 Look at all the Lecture Notes, Handouts/reviews given out this past semester: This will enable you to quickly review the points of emphasis provided by the teacher and likely to be on your final.

 

#2 Come to class during tutorial or lunch this week to look at some of your past tests and where you went wrong. Though the questions will most likely be different, the points of emphasis are likely to be the same.

 

#3 Look over your notes. In both college and in Mr. Walukiewicz’s class the teacher’s have an inflated ego and believe the stuff they talk about in class is most important.

 

#4 Review the material in a study group after you have completed your initial studying. These groups can provide emphasis on areas you might have missed or reinforce knowledge that you may understand in only a flimsy fashion. If the group starts to goof around too much, LEAVE.

 

 

b.) reread Chapters 1,2,3,5,7,8,9,10,11,12,13,15,16,20

Page 326-327; 341-345

 

c.) go over each Section Review

 

d.) review all vocabulary words highlighted in the chapters

 

e.) review class lecture notes

 

f.) review all studyguides/ homework

 

g.) come in during tutorial to review

 

 

 

 

 

 

 

 

Key Terms:

Marginal analysis

Ceteris paribus

Positive economics

Normative Economics

CELL; Capital, Entrepreneur, Land, Labor

Factors of Production

Production Possibilities Frontier

Opportunity Costs

Scarcity

Circular Flow Model

Law of Demand

Law of Supply

Diminishing marginal utility

Substitute

Complement

Surplus

Shortages

Price Ceiling

Price Floor

Legal forms of business

Sole proprietorship, partnership, corporation

Spillover costs

Taxes, payroll taxes, FICA

GDP

Nominal vs. Real GDP

CPI

Business Cycle

Different Types of unemployment

Inflations

Types of Inflation

Measurement of inflation

Demand-Pull Inflation

Cost-Push Inflation

Who is hurt by inflation?

Who benefits from inflation?

Shifts in Investment Demand

Say’s Law

The Multiplier Effect

Aggregate Demand

Aggregate Supply

Real Balances Effect

Interest Rate Effect

Determinates of Aggregate Demand

Determinates of Aggregate Supply

Expansionary Fiscal Policy

Contractionary Fiscal Policy

Monetary Policy

Supply Side Fiscal Policy

Laffer Curve

Money

M1

The Fed

FOMC

Open Market Operations

Discount Rate

Reserve Requirements

Easy Money Policy

Tight Money Policy

Short Run and Long Run Analysis of GDP and Price Level

Phillips Curve

Supply Shocks

Labor intensive goods

Land intensive goods

Comparative Advantage

Absolute advantage

Trade Barriers

Tariffs

Protective Tariffs

Import Quotas

Economic Impact of Tariffs

Increased Domestic Employment Arguments

Infant Industry Argument

WTO

NAFTA