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  • Unit 1 - Test Study Guide

    Diunggah oleh

    Mr. Powers
    140 tayangan1 halaman
    The document summarizes key concepts from an economics unit covering three chapters. It discusses factors of production, scarcity versus shortage, economic systems, and the roles of entrepreneurs, governments, and markets. It also defines important terminology like opportunity costs, production possibility curves, and externalities.

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    The document summarizes key concepts from an economics unit covering three chapters. It discusses factors of production, scarcity versus shortage, economic systems, and the roles of entrepreneurs, governments, and markets. It also defines important terminology like opportunity costs, production possibility curves, and externalities.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOC, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    140 tayangan1 halaman

    Unit 1 - Test Study Guide

    Diunggah oleh

    Mr. Powers
    The document summarizes key concepts from an economics unit covering three chapters. It discusses factors of production, scarcity versus shortage, economic systems, and the roles of entrepreneurs, governments, and markets. It also defines important terminology like opportunity costs, production possibility curves, and externalities.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOC, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 1

    ECONOMICS UNIT 1 Study Guide

    Chapter 1 economics needs/wants and examples goods/services and examples scarcity scarcity v. shortage factors of production and examples human capital and its impact of productivity role of an entrepreneur efficiency marginal benefits v marginal costs trade-offs guns or butter opportunity cost and how to calculate it interpret production possibility curve (frontier, underutilization, unattainable, expansion) Chapter 2 3 basic economic questions economic systems (4 types, strengths, weaknesses) economic goals of efficiency, freedom, growth, security, equity market laissez faire competition voluntary exchange specialization consumer sovereignty private property rights circular flow model households/ businesses factor market/ product market money flow/ physical flow Chapter 3 free enterprise system profit profit motive role of government public sector v private sector public goods v private goods externalities (positive, negative) market failure and other vocabulary terms and material we cover in Chapter 3

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