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Unformatted text preview: ECONOMICS FINAL EXAM NAME____________________________ REVIEW SHEET L.A.P. I:---marginal revenue Scarce resources/Factors of production Elasticity---land, labor, capital---demand elastic &amp; inelastic ---scarcity---supply elastic &amp; inelastic Opportunity cost---determinants of demand elasticity Production possibilities frontier Equilibrium---economic efficiency &amp; growth---shortage &amp; surplus Circular flow of economic activity---circular flow diagram L.A.P. III:---relationship between households &amp; firms Allocation Perfect Competition---economic decision-making---characteristics---market economy Monopoly---invisible hand---entry barriers---centrally- planned economy Monopolistic Competition---product differentiation L.A.P. II: Oligopoly---cartels &amp; collusion Demand---mutual interdependence---marginal utility---conscious parallelism---law of demand---obstacles to collusion---substitution effect &amp; income effect Mergers/consolidations---demand curve---horizontal---quantity demanded---vertical---level of demand...
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