Alvin ISD



Unit 1 ReviewVoc. you have to knowScarcityCapital goodProduction Possibilities CurveEconomicsStandard of LivingOpportunity CostFactor MarketsCost Benefit AnalysisNeed WantDurable GoodNon-Durable GoodConsumer GoodsWealthProduct MarketMarket Capitalism Free EnterpriseQuestions on TestWhat is Paradox of Value?What determines a nation’s wealth?What is the meaning of Opportunity cost?The efficient use of scarce resources leads to an increase in ________________.What is the difference between a mixed, command and market economy?What is the difference between communism, socialism and capitalism?What are the three economic systems and what do they have in common?Who did Karl Marx Believe would benefit from socialism?What role does the state Government play, if it built a highway system?What is largely responsible for the growth of the free enterprise system?Describe a market economy?How did mixed economies develop?What are the major advantages to a market economyWhat is the economic system of the US?In what type of economy does the government decide whether houses or apartments will be built?What is the definition of GDP?What are the major economic and social goals of the United States?What type of economy is most common in the world today?Why might people in a command economy resist the shift to a free market economy?What are products made in a command economy more likely to be of low quality?What distinguishes a command economy from a socialist economy?What are the benefits of having economic equity?What kind of economy offers uniformity in wages of regardless of individual productivity?Protection from layoffs, illnesses, injuries or disabilities falls under which type of goal for the economy?What are the advantages and disadvantages of a traditional economy?What are some problems in transitioning to Capitalism?What are the 5 characteristics of a free enterprise system?What are the 5 benefits of a free enterprise system?What is the role of the Entrepreneur, Consumer and Government in a free enterprise system?What are the 7 Economic and Social goals of the American Free Enterprise system? ................
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