Economics Unit I Test Study Guide
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