Download Econ Unit 1 Study Guide Terms- Write the word, pg number

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
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Ch 1.2
Economist
Macroeconomics
Producers
Services
Factors of Production
Human Resources
Capital Goods
Technology
Entrepreneur
Ch. 2.1
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
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Exchange
Barter
Money
Credit
Value
Self sufficiency

interdependence
 Traditional
Economy
 Command
Economy
 Market
Economy
 Market
 Self-interest
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Ch 2.2
 Incentive
 Mixed
Economy

Authoritarian
Socialism
 Communism
 Capitalism
 Democratic
Socialism
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

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
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