The most effective way to review for the Final Exam in Economics is to thoroughly review the podcasts linked below. These podcasts will serve as the basis for the multiple choice section as well as the short essay portion of the Exam. So put on your headphones, pull up a chair, and listen. Take notes. And listen again. You do that and your should be prepared.
Terms in blue have been podcasted. Merely go to the term and you will find the podcast in MP3 format.
CHAPTER ONE – INTRO TO ECONOMICS
1/ 1 Scarcity and Factors of Production
- Needs & Wants
- Relative & Absolute Needs
- Scarcity & Shortage
- First and Third World Countries
- Goods & Services
- Maslow’s Pyramid– image
- Economics – a definition
- Infrastructure
- Outsourcing
- Privatization
- Diaspora
- Remittances
- Entrapranuer
- Factors of Production
- Capitol – Physical & Human
- Productivity
1-2 – Opportunity Cost
CHAPTER 2/1 – ECONOMIC SYSTEMS2-1 Answering the Three Economic Questions
- Three Key Economic Questions
- What gets produced
- How do goods & services get produced
- Who consumes the goods & services
- Five Key Economic Goals
- Economic Efficiency
- Economic Freedom
- Security & Predictiblity
- Economic Equity
- Economic Growth and Innovation
CHAPTER 2/2 – ECONOMIC SYSTEMSFree Market System
- Market
- specialization
- circular flow chart
- household & firm
- factor market
- product market
- Adam Smith – Wealth of Nations
- Laissez Faire
- Invisible Hand
- social darwinism
Centrally Planned Economy
Mixed Economy
Chapter – Building Human Capital – FINAL EXAM ONLY
You will notice that I have not linked all of the podcasts that we worked through on college funding. You are only responsible for those that are linked. In addition podcasts may quote incorrect % rates – correct rates are updated in bold … .R
- FAFSA – Free Application for Federal Student Aid – website
- Grants, Scholarships, Loans
- Subsidized & Unsubsidized Loans
- Stafford (National Direct) Loan – (sub 5.05% / unsub 5.05%) website
- Parent Plus Loan – (7.6%) website
- Federal Pell Grant ($6095 max ) – website
