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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.