ECONOMICS UNIT
1. Define economics.
2. State the 3 types of economic systems.
3. What is the fundamental difference between the 3 economic
systems?
4. Define capitalism.
5. State the 4 key characteristics of capitalism.
6. What is the importance of private ownership?
7. State 3 ways that businesses can compete.
8. What is the biggest benefit of competition in business, sports, and
in life?
9. Who are entrepreneurs?
Give 2 examples.
10.
How does the Law of Supply and Demand drive a capitalist
society?
11.
Who is Adam Smith?
12.
How can the greed and selfishness of a person be good and
bad in a capitalist society?
13.
What is another name for capitalism?
14.
What is a share or stock?
15.
What is the financial benefit and risk of owning stocks?
16.
Define corporation.
17.
What is the one big advantage of forming a corporation?
18.
Define partnerships.
19.
Sole proprietorship-Define.
20.
What is the big advantage of forming a sole proprietorship?
21.
What is the major disadvantage of both the partnership and
proprietorship?
22.
Diagram a healthy capitalist economy.
23.
State the 4 major advantages of capitalism.
24.
State the major disadvantage of capitalism.
25.
What is the philosophy of Laissez-Faire economics?
26.
In reality, the U.S. is considered a mixed economy? Why?
State 4 examples of how the US has a mixed economy.
27.
Define socialism.
28.
State the 4 major areas of government control in socialist
nations.
29.
Some socialist nations are called welfare states. Why?
30.
Many socialist nations are also democracies, especially in
Europe. How is that possible?
31.
Define communism.
32.
What is the Communist Manifesto?
Who wrote it?
33.
Communist nations tend to be totalitarian in nature.
What does this mean?
34.
State the 2 major goals of communism.
35.
How does one determine what type of economic system a
nation has?
36.
State the only 4 nations in the world today that are
communist.