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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