Economics
Chapter 1, 2, 10 1 Review
Open opportunity
Legal Equality
Authoritarian
Socialism
Public Interest
Voluntary Exchange
Public Disclosure Laws
Profit Motive
Private Property
Privatization
What are capital goods?
Why is it important to study economics?
“There is no such thing as a free lunch”…what is the meaning of this?
Explain the 3 economic questions.
Explain the factors of production.
What is the connection between the PPC and opportunity cost?
What is the difference between the factor market and the product market? (page 33)
What are the characteristics, advantages, and disadvantages of the market systems?

Define the following:
Economic Growth
Economic Equity
Economic Efficiency
Economic Freedom
Economic Security
The distribution of income received in the form of rent, wages, or interest is the main factor that determines what?
How do self-interest and competition affect free markets?
Describe the benefits of specialization in a free market.
Compare an authoritarian government from a democratic one.
What does consumer sovereignty mean?
What are the disadvantages of central planning?

Private property ownership and some government regulation of the economy are basic characteristics of which economic system?
What is due process?
Describe public disclosure laws.
Absolute and Comparative advantage