Fundamental of Economics 1.2 - About EDConfidence
Fundamental of Economics 1.2SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers.a. Explain how and why individuals and businesses specialize, including division of labor. Define specialization (BL)Define division of labor (BL)Why does specialization increase productivity?Provide a real world example of specializationb. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.Define voluntary exchange (BL)Provide an example of voluntary exchange Define non-fraudulent exchange (BL)Who gains from voluntary non-fraudulent exchanges? (DiL)Based on the chart, how does party one gain from voluntarily exchanging their cookie for an apple?Based on the chart, how does party two gain from voluntarily exchanging their apple for a cookie?Based on the chart, how does party one gain from voluntarily exchanging their Cash?Based on the chart, how does party two gain from voluntarily exchanging their Combo Meal?SSEF4 Compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce.a. Compare traditional, command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation. __________________________________are models economists use to explain how __________________________________ in an economy are likely to view certain economic principles.What are the three main economic systems?Define the main elements that are used to evaluate economic systems: Private ownershipProfit motiveConsumer sovereigntyCompetitionGovernment regulation.What are the characteristics of a traditional economy with regard to the five main elements? (PL)Private ownership is based onProfit motiveConsumer SovereigntyCompetitionGovernment regulation.What are the characteristics of a command economy with regard to the five main elements? (PL)Private ownershipProfit motiveConsumer sovereigntyCompetitionGovernment regulation.What are the characteristics of a market economy with regard to the five main elements? (PL)Private ownershipProfit motiveConsumer sovereigntyCompetitionGovernment regulation.Is China a true command economy?Is the United States a true market economy?Most countries have this type of economy?b. Analyze how each type of system answers the three economic questions and meets the broad social and economic goals of freedom, security, equity, growth, efficiency, price stability, full employment, and sustainability. Identify the three basic economic questions? (DL)What answers the three basic economic questions in a traditional economy?What answers the three basic economic questions in a command economy?What answers the three basic economic questions in a market economy?What are the eight social and economic goals that nations try to meet? (DL)What is economic equity?What is economic efficiency?What is the goal for price stability in a nation?What is the typical unemployment rate in the U.S.?What is most commonly measured to determine economic growth and sustainability?What is the target rate for real GDP growth? ................
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