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Name___________________________________ Date______________________________ Number_____ Economics Study Guide 1. What are the three basic economic questions all economic systems have to answer? ____________________________________________ ____________________________________________ ____________________________________________ 2. What are the three types of economic systems? ____________________________________________ ____________________________________________ ____________________________________________ 3. What does it mean to have a mixed economy? __________________________________________________ __________________________________________________________________________________________ 4. Fill in the chart below. Tell how each economic system answers the economic questions. Traditional What to produce? How to produce? For whom to produce? Command Market 5. What are the four factors of production? ___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ 6. What are capital goods? __________________________________________________________________________________________ 7. Why would business owners want to invest in capital goods? __________________________________________________________________________________________ 8. What is labor? __________________________________________________________________________________________ 9. What is human capital? __________________________________________________________________________________________ 10. How do you invest in human capital? __________________________________________________________________________________________ 11. When you invest in human capital you make more ______________________________. 12. What are natural resources? __________________________________________________________________________________________ 13. What are entrepreneurs in you own words? __________________________________________________________________________________________ 14. What things to entrepreneurs have to risk to start a new business? __________________________________________________________________________________________ 15. What is a trade barrier? __________________________________________________________________________________________ 16. List 3 types of trade barriers. ____________________________________ ____________________________________ ____________________________________ 17. What is a tariff and how does it restrict trade? __________________________________________________________________________________________ __________________________________________________________________________________________ 18. What is an embargo and how does it restrict trade?__________________________________________________________________________________________ __________________________________________________________________________________________ 19. What is a quota and how does it restrict trade? __________________________________________________________________________________________ __________________________________________________________________________________________ 20. How do trade barriers affect imports? __________________________________________________________________________________________ 21. Draw the Economic continuum. Economics Study Guide 1. What are the three basic economic questions all economic systems have to answer? -What to produce? How to produce? For whom to produce? 2. What are the three types of economic systems? Traditional Economy, Market Economy, Command Economy 3. What does it mean to have a mixed economy? A mixed economy is a mix between a command economy (control by the government) and a market economy. It is truly the economy that all countries have. 4. Fill in the chart below. Tell how each economic system answers the economic questions. Traditional Whatever has been produced in the past. Command The government makes all economic decisions What to produce? Market Companies decided based on what they think the consumer wants. However it has been produced in The government makes all the past. economic decisions However the company wants to make the product. Most likely people in a traditional village market. The consumer How to produce? The government makes all economic decisions For whom to produce? 5. What are the four factors of production? investment in capital, investment in human capital, natural resources, entrepreneur 6. What are capital goods? Capital goods are the things that are needed to produce a product or run a company. 7. Why would business owners want to invest in capital goods? The more a company invests in capital goods the better it will be able to produce its products. The higher production will increase the countries Gross Domestic Product (GDP). 8. What is labor? Labor is human work that goes toward creating a product or service. 9. What is human capital? Training or education of worker so they can better produce a product or service. 10. How do you invest in human capital? A company can invest in human capital by training its employees. Countries also invest in human capital by improving education and schools. 11. When you invest in human capital you make more products. 12. What are natural resources? Gifts of nature than can be used by humans to produce products. 13. What are entrepreneurs in you own words? They are people who take risks and create new products/companies that also create new jobs. 14. What things to entrepreneurs have to risk to start a new business? Time, money, the business make fail, the product may fail 15. What is a trade barrier? Something that gets in the way of trade. 16. List 3 types of trade barriers. Embargos, tariffs, and quota 17. What is a tariff and how does it restrict trade? A tariff is a tax on imports, and it restrict trade by raising the price of the product. 18. What is an embargo and how does it restrict trade? An embargo restricts all trade with another country, it restricts all trade. 19. What is a quota and how does it restrict trade? A quota limits the amount of an product that can be sold in a country, and it restricts trade by not allowing unlimited trade. 20. How do trade barriers affect imports? Trade barriers restrict or slow down products from coming into a country. Draw the Economic Continuum: <----------------------------------------------------------------------> Command Economy Market Economy