test1_review

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Unit 1Test Review

• • What is Economics? (definition)

  • Scarcity – definition and examples

  • Incentives – 4 types and examples

  • 3 basic questions

  • 3 systems – characteristics; advantages and disadvantages

  • Factors of production and examples

  • Adam Smith and Karl Marx – basic ideas

  • Opportunity costs – definition and examples

  • Know these lists:

    • Economic goals of societies

    • Characteristics of a market economy

    • Role of government in market economy

  • Public goods – 2 characteristics and examples

  • Externalities – positive/negative and examples

  • Capital Goods (for business)

  • Consumer Goods (for personal use)