Economics: Semester 1 Final
By: Amanda Stadtlander
Understand the cost of borrowing money over long periods of time.
An example is buying a car. You have an interest rate that is added to the cost of the vehicle. The means you end up paying more then the original price of the vehicle. The longer you take to pay off the vehicle, the more money in the long run you are paying.
Understand different financial investments, such as mutual funds, stocks and bonds.
Understand the role of personal taxes in society.
Understand production possibilities curves.
Understand the concepts of marginal benefit and marginal cost in connection to economic actions.
Understand the impact of increases in wages or a change in government policy (new taxes, interest rate, subsidies) on consumers, producers, workers, savers and investors.
Understand the role of nonprofit organizations.
Understand the composition of the money supply.
Understand that economic institutions have different goals, rules, and constraints.
Understand the economic trade–offs of government assistance programs.
Understand changes in spending and taxation affect national deficits, surpluses, and debt.
Understand the role of the Federal Reserve.
Understand major world economic systems.
Understand economic self–interest influences economic decisions.
Understand the law of supply and demand affects the price of products
There is a point on the graph where the two will cross, this is the equilibrium price. This is the point that satisfies both the supplies and consumer. The producer is making a profit and the consumer is happy with the price of the product.