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Honors Economics 2012 - 2013 Final Exam Review. Circular Flow Model.

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Presentation on theme: "Honors Economics 2012 - 2013 Final Exam Review. Circular Flow Model."— Presentation transcript:

1 Honors Economics Final Exam Review

2 Circular Flow Model

3 Basic Principles of Economics What is economics? What is opportunity cost? What is the difference between needs and wants?

4 Microeconomics v. Macroeconomics

5 Production Possibilities Curves

6 Market Failure

7 Inferior vs. Normal Goods

8 Supply, Demand, and Equilibrium

9 Complements and Supplements

10 Price Ceilings and Floors

11 Macroeconomic Indicators GDP Inflation Unemployment

12 Business Cycle

13 Laffer Curve

14 Federal Reserve System

15 Fiscal v. Monetary Policy

16 Credit Scores

17 Credit Cards


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