Economics Unit I Test Study Guide - Loudoun County Public ...



Economics Unit I Test Study Guide

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Know:

Scarcity

Resources

Choices

Opportunity Cost

Consumption

Price Incentives

Supply

Demand

Profit

Competition

Production

Consumer Sovereignty

Gross Domestic Product

Command Economy

Free Market Economy

Mixed Economy

Factors of Production

Economics

Entrepreneur

Monopoly

Communism

Capitalism

Private Property

EPA

FCC

FTC

How does the government protect the consumers?

How does the government provide public goods and services?

What are some examples of public good and services?

Know the Following:

*Three Types and Characteristics of Economic Systems

a. Free Market

b. Mixed Economy

c. Command Economy

*Characteristics of US Economy

a. Consumer Sovereignty

b. Private Property

c. Competition

d. Free Market

e. Profit

*Know how supply, demand, consumption, scarcity and production affect price

1. Circular Flow Model

a. What 3 groups make up the circular flow model (Individuals, Government, and Business)

b. How do they interact with each other

2. Role of Government in the Economy (5 Ways)

3. Know effect of government spending and borrowing-see Role of Government in Economy (less/more notes)

4. Three Types of Businesses-Know Advantages and Disadvantages of all three

a. Sole Proprietorship

b. Partnership

c. Corporation

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