Download Economics Unit 2 Test Review

Economics Unit 3 Test Review
Know and be able to define/explain the following concepts:
Know the difference between market command and traditional economies
Know the differences between a market and a mixed economy. What type of economy
does the USA have?
What is NAFTA? What are the purposes of NAFTA?
What is the difference between DEVELOPED and DEVELOPING nations?
What are Property Rights? Why are they important?
What is Absolute Advantage? Comparative Advantage?
What factors help with comparative advantage?
What is a tariff? Quota Embargo?
What are exchange rates and how do we use them?
Which product does the United States rely most on other countries?
Why might a weaker dollar help employment in the United States?
Why might an economist use per capita GDP?
What are the three stages of economic development?
Who does the United States give most of its aid to?
Why is China experiencing so much corruption as it shifts to a mixed economy?
In a capitalist system, most property is?
It is easier to start your own business in what type of economy?
What goods and services should be produced, how they should be produced, and who
should share in what is produced are three basic questions addressed by which
economies?
Compare and Contrast Karl Marx (central planning/command system) and Adam Smith
(capitalist/market system)
What are imports? What are Exports?
Does the United States export more than we import?
What does life expectancy, infant mortality, population growth, and literacy rate,
tell us about a counties development?
What is subsistence agriculture?