The type of economy is determined by the extent of government
... The type of economy is determined by the extent of government involvement in
economic decision making.
Characteristics of major economic
Private ownership of property / resources
... Neoclassical economists see natural resources as a part of the economic system and assume that economic
growth potential is essentially unlimited. Ecological economists see economic systems as a component of
nature’s economy and would have higher optimum levels of pollution control and lower optimum ...
1st Quarter, Unit 2: Economics Fundamentals (Ch
... Be able to define or explain:
factors of production:
land (natural resources)
labor (human resources)
capital (factories, machines,
significance of scarcity in econ
importance of choice
costs and benefits
Pig Pri ...
19th Century Economics
... distribution of products is
in the hands of private
corporations who operate
these businesses for
• Evolved out of statesponsored mercantilism
Study Guide - Cobb Learning
... Study Guide
Associate each of the economists studied with their main contributions to the field of Economics:
... A belief in the market forces
Economics Chapter 2
... 2. Land, labor, capital, and entrepreneur are
the four factors of production. List and
explain the four factor payments that
accompany the factors of production.
Study Guide Europe Economics ANSWER KEY
... 17. How do entrepreneurs help increase a country’s GDP? They bring new ideas and jobs to the
18. In Germany, who decides which goods will be produced and sold? Businesses
19. What problems will occur in a country that does not invest in human capital? Workers will not be
20. Th ...
The Study of Economics Questions
... 2. A service is
3. A government must make decisions about
4. Production is
The United States of America
... Time is very important – “time is money”
Greetings – casual, a handshake and smile are all
that are necessary
no elaborate gifts (bribery)
Usually give small gift to host or hostess
Gifts are usually opened when received
Types of Economies
... Traditional Economy
A TRADITIONAL ECONOMY is very simple, based
mostly on farming. Trade and business are very
Aggregate demand (AD) is the total planned or desired spending
... • Invisible hand was a concept introduced by Adam Smith
in 1776 to describe the paradox of laissez-faire market
economy. The invisible hand doctrine holds that, with
each participant pursuing his or her own private interest,
a market system nevertheless works to the benefits of all
as though a benev ...
Study Guide (Use your notes and chapter 2 in the book) This is a
... What has to happen in a market economy in order for
goods and services to be quality and maintain
relatively low prices?
5. Why are property rights important to market systems?
6. What do entrepreneurs have to do in order to be
successful over time?
7. Explain Adam Smith’s concept of “self-interest” ...
File - Quasar Surprise
... Withgott, J. H., & Brennan, S. R. (2007). Environment: The Science behind the Stories (3 edition.). San Francisco: Prentice Hall.
US Economy I
... Sectors of the economy sliding into recession
Steady-State Economics: A New Paradigm
... The isolated system pre-analytic vision, the one that supports most
economic analysis today, takes the economy as the total system,
unconstrained in its growth by anything. Nature may be finite but
it is just a sector of the economy for which other sectors can substitute
without limiting overall gro ...
A steady-state economy is an economy of relatively stable size. A zero growth economy features stable population and stable consumption that remain at or below carrying capacity. The term typically refers to a national economy, but it can also be applied to the economic system of a city, a region, or the entire planet. Note that Robert Solow and Trevor Swan applied the term steady state a bit differently in their economic growth model. Their steady state occurs when investment equals depreciation, and the economy reaches equilibrium, which may occur during a period of growth.