Download The Study of Economics Questions

Introduction to Economics
Use your Study Guide
The Study of Economics
1. A good is
___________________________________________________________________________.
2. A service is
_________________________________________________________________________.
3. A government must make decisions about
_________________________________________________________________________.
4. Production is
_________________________________________________________________________.
Factors of Production:
1. Natural resources are
________________________________________________________________________.
2. Labor Resources are
________________________________________________________________________.
3. Capital Resources are
________________________________________________________________________.
4. Entrepreneurs are
________________________________________________________________________.
GDP
1. What is GDP?
________________________________________________________________________.
2. How is it used?
________________________________________________________________________.
Market Economy
1. Who makes business decisions?
________________________________________________________________________.
2. Who controls the factors of production?
________________________________________________________________________.
3. The government plays what role?
________________________________________________________________________.
4. List countries with this form of economy
________________________________________________________________________.
Introduction to Economics
Use your Study Guide
Command Economy
1. Who decides how many of which goods are produced and sets the prices?
________________________.
2. List countries with this form of economy
_________________________________________________________________________.
Trade Barriers
1. Why do countries establish trade barriers?
_____________________________________________________________________.
2. What are tariffs?
_____________________________________________________________________.
3. What do tariffs do?
______________________________________________________________________
Think About It
What effect will reducing trade barriers between countries have on the price of goods?
Explain.