Download STUDY GUIDE

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Shock therapy (economics) wikipedia, lookup

Free-market anarchism wikipedia, lookup

Left-wing market anarchism wikipedia, lookup

Economic liberalization in the post–World War II era wikipedia, lookup

Chinese economic reform wikipedia, lookup

Đổi Mới wikipedia, lookup

Transcript
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?