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Oct 28, 2013 (3 years and 9 months ago)

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Name__________________________________________________ Class Period__________


BELL WORK


1.

Are you studying microeconomics or macroeconomics if you are
trying to decide who to vote for
in the presidential election?


2.


Are you studying microeconomics or macroeconomics if you are
trying
to evaluate what caused
gym memberships at L.A. fitness to drop dramatically?




Free Response Practice:


Directions: Write a paragraph to answer the prompt.

Prompt: What are the advanta
ges of a command economy? Why might the government or its
people prefer this economic system over a market economy?


Vocabulary Terms to
Consider
:



Competition



Economic Equity



Economic Freedom



Economic Security


You must:

A)

use at least 2 of the vocabulary
terms listed above

B)

underline each vocab word and explain why they would be an advantage in a command
economy.

C)

include a topic sentence

D)

Write in complete sentences


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Exit Ticket on back



EXIT TICKET


Chapter 1 Summary

Directions: Choose the key concept that best completes the sentence.


Efficiency


Microeconomics


Macroeconomics


Scarcity

Producer


Consumer



Production Possibilities Curve

Tradeoff


Inefficiency


Wants




Opportunity Cost




1.___________________ is the basic economic problem. It arises because human 2.__________ are
limitless while resources are limited. It affect
s what a 3.___________ buys and what a 4.__________
makes and sells. Since people cannot have everything they want, they have to make choices. Every
choice involves a 5.________________, something you give up to get something else that you want.
When makin
g an economic decision you must also consider the 6._____________________ or the value
of what was given up.

Economics is divided into two areas of study. 7.______________ studies the economic behavior of
individual persons, families, and businesses. Mean
while, 8. _____________ focuses on the study of the
economy as a whole. One useful economic model people use to show the maximum amount of
resources and production tradeoffs is a 9.____________________________. It illustrates
10._____________________, when

producers are using all their resources to the fullest extent and
11.____________________, when producers do not use all of their resources.


Chapter 2 Summary

Directions: Choose the key concept that best completes the sentence.
Not all key concepts will

be used.



Word Bank:

Capitalism

Centrally planned economy

Circular flow model

Command economy

Competition


Global economy

Laissez faire

Market economy

Mixed economy

Nationalize


Private property rights

Privatize

Profit

Socialism

Traditional economy


In
a 12. ______________________, the three basic questions of what to produce, how to
produce, and for whom to produce are answered in the same way they have been for generations, or
they are answered according to custom. In a 13. ______________________, in c
ontrast, the
government makes most economic decisions. Two systems in which government plays a strong role are
communism and 14. ______________________, a system in which the government owns the factors of
production. In the transition between types of eco
nomic systems, the government may
15.______________________ industries, or transfer them from private ownership to government
ownership.



A 16. ______________________ economy rests on private ownership. 17. _________________
are very important to this ec
onomy because they give producers incentive to create goods and buyers
trust that the goods they purchase are theirs to keep. A market economy also depends on 18.
______________________ or rivalry between companies to help produce the highest quality good
s at
the lowest price. Sellers are motivated by the chance to make a 19. ______________________, so they
try to use their resources as efficiently as possible and sell as many of their products as possible. The
20.______________________ shows the flow of m
oney as well as the flow of products and resources
that takes place between buyers and sellers in a market economy.



The most common kind of economy today is the 21. ______________________ which blends
elements from all three systems. Each modern economy

is also part of the
22.______________________, which entails all the economic interactions that cross international
borders.