Economics Review Links

I will post these links to my webpage, but below is a listing of places to go to help yourself review!

13 Interactive Economics Tutorials: - gives you background on some major topics and a few quiz questions to make sure you get it.

Reffonomics: - AP Exam writer for Economics, it’s his textbook for his course he teaches at University of Arizona. Plenty of useful practice quizzes and shiftable grafts

Economics Glossary: - if you are unsure about vocabulary and want to look up some basic definitions.

Economics Quizzes: - this site is supposed to accompany a specific textbook (not the one we use in class), but the free resources here give you quizzes by topic that have explanations of right/wrong answers, as well as the ability to click on “mini lectures”, take practice quizzes that are a little harder, use tutorials, etc…

Bean Counter - - a website with links to other online economics sources you might be interested in using.

Old school Georgia Performance Standards review guide - (41 pages, be careful of printing accidentally)

Peachtree City EOCT Review guide -

Economics Review Jeopardy -

EOCT Practice Questions - – Tells you the right answers after each question

(I can’t post the login information for this last one on my webpage, so please don’t lose this sheet!)

USA Testprep: Walton has purchased access to this website for our students. It has review quizzes/tests, vocabulary practice, and all sorts of other things… Here is the info about how to sign up if you haven’t in a previous class:

  1. Go to
  2. On member log-in page fill in School ID: Walton, then click on Create a New Account
  3. On Create Account page – Enter Activation Information
  • School ID: Walton
  • StudentActivation Code: newton25
  • NOTE: Password must be all lower case!
  • Enter Login Information
  • Enter Personal Information
  • Click Create Account
  1. Be sure to print the card that has your account information on it and keep it handy!

EOCT REVIEW GUIDE

Fundamentals of Economics

  1. What is scarcity?
  2. What are the factors of production?
  3. List a variety of strategies for allocating scarce resources.
  4. What is opportunity cost? Give an example of opportunity cost.
  5. Illustrate a production possibilities curve that shows the tradeoffs between two options.
  6. What is marginal cost? What do rational people do when the marginal benefit outweighs marginal cost and vice versa?
  7. How do people and businesses specialize?
  8. What is voluntary exchange? How do people benefit from voluntary exchange?
  9. What are command, market, and mixed economic systems.
  10. Discuss the economic systems in regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation.
  11. What are the three economic questions?
  12. How well do the economic systems answer the economic questions?
  13. How do the different economic meet the social and economic goals of freedom, security, equity, growth, efficiency and stability?
  14. What are the roles of the government in the market economy?
  15. Why does the government provide public goods and services and redistribute income?
  16. How does the government in a market economy protect property rights and resolve market failures?
  17. Give examples of government regulation and deregulation and how these effect consumers and producers.
  18. What is productivity?
  19. How does investment in equipment and technology lead to economic growth?
  20. Give examples of how investment in education can lead to a higher standard of living.

Microeconomic Review

  1. Illustrate through a circular flow diagram the Product Market and Factor Markets.
  2. Explain how the flow of money and the flow of goods and services among businesses and households occur.
  3. How is money a medium of exchange?
  4. What is the relationship between price and quantity for the Law of Supply?
  5. What is the relationship between price and quantity for the Law of Demand?
  6. What is the market clearing price?
  7. How do buyers and sellers determine the market clearing price?
  8. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
  9. How do prices serve as incentives in a market economy?
  10. Identify and illustrate on a graph factors that cause changes in market supply and demand.
  11. How do prices floors create surpluses?
  12. How do price ceilings create shortages?
  13. What is the price elasticity of demand?
  14. What is the price elasticity of supply?
  15. Compare and contrast the forms of business organizations: sole proprietorship, partnership, and corporation.
  16. How is profit an incentive for entrepreneurs?
  17. What is a monopoly?
  18. What is an oligopoly?
  19. What is monopolistic competition?
  20. What is pure competition?

Macroeconomics Review Guide

  1. What are the factors of Gross Domestic Product (GDP)?
  2. Define economic growth
  3. What are the different types of unemployment?
  4. What is the Consumer Price Index (CPI) and what things does it include?
  5. What is inflation and what are some of the causes of inflation?
  6. What is stagflation?
  7. Discuss aggregate supply and aggregate demand. How are these different from supply and demand on a microeconomic scale?
  8. Explain how economic growth is calculated.
  9. How do we calculate unemployment?
  10. Define the stages of the business cycle. Draw and label a business cycle.
  11. What is national debt?
  12. What is national deficit?
  13. What is the difference between national debt and national deficit?
  14. What is full employment?
  15. Describe the organization of the Federal Reserve System.
  16. What is monetary policy?
  17. Describe how the Federal Reserve uses the tools of monetary policy to promote price stability, full employment, and economic growth.
  18. What is fiscal policy?

International Economics

  1. How do you have an absolute advantage?
  2. How do you have a comparative advantage?
  3. What is the difference between the two (listed above)? Can you have both?
  4. Why does most trade take place because of comparative advantage in the production of a good or service?
  5. Explain the difference between balance of trade and balance of payments.
  6. What are trade barriers and the types of trade barriers: tariff, quota, embargo, subsidy, and standard?
  7. What are the costs and benefits of trade barriers over time?
  8. What are some specific examples of trade barriers?
  9. Explain the significance of trading blocks; identify EU, NAFTA, and ASEAN.
  10. What is free trade?
  11. Evaluate arguments for and against free trade.
  12. What are exchange rates? What do they tell us about ours and foreign currencies?
  13. Why do, when exchange rates change, some groups benefit and others lose?

Personal Finance Economics

  1. What is the difference between interest charged and interest earned?
  2. Explain the relationship between risk and return. (think about stocks vs. bonds and their risk and return)
  3. Give examples of a variety of savings and investment options; discuss them.
  4. Give examples of who benefits and who loses from inflation.
  5. Compare progressive, regressive, and proportional taxes.
  6. Explain how an increase in sales tax affects different income groups. (How does it affect people with low income compared to people with high income)
  7. Evaluate the costs and benefits of using credit.
  8. List factors that affect credit worthiness.
  9. Compare interest rates on loans and credit cards from different institutions.
  10. Explain the difference between simple and compound interest rates.
  11. What are different types of insurance?
  12. Explain the costs and benefits associated with different types of insurance.
  13. What is a deductible? What is a premium?
  14. What is shared liability and asset protection?
  15. What skills that are required to be successful in the workplace?
  16. Explain the significance of investment in education, training, and skill development.