Economics Final Exam Review
What is Economics?
What are the three key questions all economic systems must address?
1.
2.
3.
What is the difference between scarcity and shortage?
What are the factors of production?
Factor
Example
1.
2.
3.
a.
b.
Entrepreneur
What is it?
What can be the positive aspect of becoming an entrepreneur?
What can be the negative aspect of becoming an entrepreneur?
Economics Final Exam Review
Markets
Traditional Market
Free Market
Controlled Market
Command Market
Mixed Economy
Demand Schedule vs Demand Curve
Can you read them? Can you understand what you are reading?
Axes
Price
Quantity
Ups and Downs
Supply
Demand
What’s the Point? (Where Supply and Demand meet)
What is it called?
What does it mean?