Econ_test3_review

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Test Review

Equilibrium Pricing, the Stock Market, GDP, Inflation & the Fed

 ·      Equilibrium Pricing

·      Surplus/shortage (and how to find)

·      Know the graphs!

·      Shifts – what happens to equilibrium price and quantity?

·      Causes (ex. – complements, cost of inputs, etc.)

·      Stock Market vocabulary

·      GDP  

·      Equation Components

·      What’s not counted

·      Real GDP vs. Nominal GDP

·      Inflation

·      Causes (4) and effects

·      Fiscal Policy

·      How it works

·      Keynes’s ideas, multiplier effect

·      Monetary Policy (The Federal Reserve)

·      Goals

·      Tools (3)