Test Prep

March 17, 2014

1) Practice Test
2) Review Terms

Homework: Study for test tomorrow (Chapter 1-4) & Complete Study Guide! All Terms...

Here are the terms that need to be defined:

1. Three Economic Questions
2. Factors of Production
3. Free Market
4. Command Market
5. Unemployment Rate
6. Free Rider Problem
7. Scarcity
8. Entrepreneur 
9. Adam Smith 
10. Socialist
11. Capitalist 
12. Public Goods
13. Durable Goods
14. Non-Durable Goods
15. GDP
16. Elasticity of Demand
17. Shifts in Demand
18. Substitution Effect
19. Law of Demand
20. Complement
21. Total Revenue 
22. Normal Good
23. Inferior Good
24. Demand Curve
25. Ceteris Paribus