Discovery Education
Economics: Fundamental Economic Concepts
2009
Name _______________________ Date _____________ Period_______________
Fundamental Economic Concepts
Segment One: The Foundation of Survival
1. Define economics:
Section 3: Free Market Economy
2. What new economic system emerged in America and Britain in 1770s?
3. What do most economist believe the free market economy triggered?
4. What is the industrial revolution?
5. The mechanism of economic process, particularly in _________________
transformed the world.
6. What do you think a free market economy means?
7. In a communist economy, who controls all economic decisions?
8. Give examples from the video:
9. What countries were Communist?
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10. What happened to the communist (economic) approach by the end of the 20th
century?
Segment: Division of Labor
11. Two hundred years ago most work was done by ________________.
12. Over time labor became ________________.
13. Give some examples:
14. What is the corner stone of the industrial revolution?
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