Consumer Education Unit 1 – Economics & Consumer Rights Check Up After completing Unit 1, you should have the following objectives mastered. Place a checkmark next to the skills you have mastered. Review any skills that need further clarification. Explain the basic characteristics of: International trade Absolute & comparative advantage Barriers to free trade Exchange rate Balance of trade Compare & Contrast the different types of economic systems Command Market Traditional Mixed Explain the concepts & measurement of: Inflation Unemployment Gross Domestic Product Why is the study of supply & demand so important in economics? What roles do both consumers and producers play in global business? What does it mean to be an “Educated Consumer”? Define your rights and responsibilities as a consumer. How do consumers use resources? How do consumers handle complaints? How can consumers protect themselves against scams, frauds and identity theft? How do consumers interpret legal agreement as a consumer?