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Econ Unit 1 Study Guide Terms- Write the word, pg number, definition and context (Cornell Nt. Style) Ch 1.1 Economics Microeconomic Consumers Goods Resources Natural resources Capital Resources Consumer Goods Entrepreneurship Ch 1.4 Ch 1.2 Economist Macroeconomics Producers Services Factors of Production Human Resources Capital Goods Technology Entrepreneur Ch. 2.1 Exchange Barter Money Credit Value Self sufficiency interdependence Traditional Economy Command Economy Market Economy Market Self-interest Ch 2.2 Incentive Mixed Economy Authoritarian Socialism Communism Capitalism Democratic Socialism Ch 1.3 Trade-off Opportunity Cost Scarcity Allocate Productivity Efficiency Division of Labor Specialization Production Possibilities Curve Ch.2.3 Free enterprise Private Property Contracts Competition Voluntary Exchange Product Market Resource Market Full Employment Price Stability Standard of Living income Summary Questions- write each question (Cornell Nt. style) and answer with three complete sentences 1. What is the difference between microeconomics and macroeconomics? 1.1 2. Why is scarcity, considered the most basic problem of economics? 1.2 3. What three production issues must an economic system address? 1.2 4. How can division of labor and specialization increase productivity? 1.2 5. Identify the assumptions on which the production possibilities curve is based? 1.3 6. How can a production possibilities curve be used to illustrate trade-offs and opportunity costs? 1.3 7. How is value represented in an economic system with a standardized means of exchange? 1.4 8. What conditions lead to economic interdependence? 1.4 9. Describe the benefits of interdependence. 1.4 10. How does the US economic system compare to traditional and command economic systems? 2.1 11. In which category of mixed economic systems does the US fit? Explain your answer. 2.1 12. What are the consequences to an individual consumer who enters into a contract? 2.2 13. What are the economic principles of private property and voluntary exchange? 2.2 14. What are the benefits of the US free-enterprise system to producers and consumers? 2.2 15. What are the goals of US economic policy? 2.3 16. Why are scarcity and choice basic economic problems? 2.3 17. How do laws against false advertising promote economic equity? And which of the economic goals of the US might a law like this promote? 2.3