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Honors Economics 2012 - 2013 Final Exam Review Slide 2 Circular Flow Model Slide 3 Basic Principles of Economics What is economics? What is opportunity cost? What is the difference between needs and wants? Slide 4 Microeconomics v. Macroeconomics Slide 5 Production Possibilities Curves Slide 6 Market Failure Slide 7 Inferior vs. Normal Goods Slide 8 Supply, Demand, and Equilibrium Slide 9 Complements and Supplements Slide 10 Price Ceilings and Floors Slide 11 Macroeconomic Indicators GDP Inflation Unemployment Slide 12 Business Cycle Slide 13 Laffer Curve Slide 14 Federal Reserve System Slide 15 Fiscal v. Monetary Policy Slide 16 Credit Scores Slide 17 Credit Cards