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HONORS ECON UNIT 1: STUDY GUIDE Chapters 1 – 3: “What is Economics?” “Economic Systems” and “American Free Enterprise” Terms: Chapter 1: Need Want Economics Goods Services Scarcity Shortage Factors of Production Land Labor Capital Physical Capital Human Capital Entrepreneur Trade-off Guns or Butter Opportunity Cost Thinking at the Margin Production Possibilities Curve Production Possibilities Frontier Efficiency Underutilization Cost Law of Increasing Cost Chapter 2: Economic System Standard of Living Traditional Economy Market Economy Centrally Planned Economy Command Economy Mixed Economy Market Specialization Profit Self-Interest Incentive Competition Invisible Hand Socialism Communism Vladimir Lenin Authoritarian Laissez Faire Private Property Free Enterprise Privatize Karl Marx Adam Smith Chapter 3: Profit Motive Free Contract Voluntary Exchange Interest Group Public Disclosure Laws Public Interest Macroeconomics Microeconomics Gross Domestic Product (GDP) Business Cycle Work Ethic Public Good Public Sector Private Sector Free Rider Market Failure Externality Poverty Threshold Welfare Cash Transfers In-Kind Benefits Concepts: How does a Production Possibilities Curve work? What does each point represent? What does the line represent? What do points under the line represent? Why would the line shift to the right? To the left? How is the Law of Increasing Costs affecting the line? What three questions must all societies ask to know what kind of economic system they want? How does a Centrally Planned Economy work? How does a Free Market work? What are some examples of a Mixed Economy that are like a Centrally Planned Economy? What are some examples of a Mixed Economy that are like a Free Market? What are some problems with a Centrally Planned Economy? What are some problems with a Free Market? How do you determine if something is a “Public Good”? What is a “Market Failure” and why are they bad? How does the government help/hurt American Free Enterprise? What protections do they provide for Americans?
