economics exam review

Chapter 1

what is economic?

opportunity cost

fallacy

fallacy of composition

consumer goods

capital goods

trade off

capital goods

input

out put

chapter 2

entrepreneurship

real capital

money capital

tangible resources

intangible resources

productive resources

factors of production

raw materials

traditional economic

command economy

market economy

private enterprise

mixed economy

dictatorship

communism

socialism

capitalism

fascism

economic growth

inflation

deflation

consumer sovereignty

chapter 3

know the who is Adam smith

what is a laissez-faire

tariffs

division of labour

law of accumulation


absolute advantage

comparative advantage

surplus value

invisible hand

chapter 4

law of demand

demand

law of supply

supply

non price factors

demographics

substitute goods

complement goods

chapter 5

elasticity

elasticity of supply

price elasticity demand

minimum wage

wage

subsidy

black market

consumer surplus

total revenue

chapter 6

bull market

bear market

future market

mutual fund

stock market

market value

book value

asset value

principal

bond

transnational enterprise

subsidiary

horizontal integration

vertical integration

government enterprise

co-operative

shareholder

corporation

capital

partnership