Basic Economics Terminology & College Funding definitions to study for Final Exam.
Below is a series of terms (and some podcasts) which pertain to issues covered on the Economics Final Exam. I suggest that you review the information and listen to the podcasts, in preparation for the Final Exam.
Basic Economic Terminology
- Needs & Wants
- Scarcity & Shortage
- Trade Off & Opportunity Cost
- Outsourcing
- Privatization
- Diaspora
- Capitol – Physical & Human
- Productivity
Economic Systems and Broad Economic Goals
- Economic Systems
- Market Economy
- Traditional Economy
- Command Economy
- Mixed Economy
- Economic Efficiency
- Economic Freedom
- Economic Security and Predictability
- Economic Equity
- Economic Growth and Innovation
- Adam Smith – Wealth of Nations
- Invisible Hand
- Laissez Faire
- Social Darwinism
- Socialism
- Globalization
Public Policy & Public Interest in the Marketplace
- Public Interest and Public Policy
- Public Goods
- Market Failure
- Positive & Negative Externalities
- State Taxes / Federal Taxes
- State / Federal Spending
- Mandatory & Discretionary Spending
- Social Security
- Medicaid
- Medicare
- FICA Tax
College Funding – Significant Terms to KNOW
- Reach, Target, Fall Back – college choices
- Grants, Scholarships, Loans
- Subsidized & Unsubsidized Loans
- Perkins Loan
- Stafford Loans
- Parent Plus Loan
- Bank Loan & Credit Card
- Federal Pell Grant
- Work Study Program
- FAFSA – Free Application for Federal Student Aid
- Michigan TIP Scholarship
- American Opportunity Tax Credit– link
- Final thoughts on College Funding
