Unit+1

Unit 1 Study Guide

//Chapters 1-3 // //Notes/activities/readings/discussions //
 * Content **

//This list is NOT all inclusive—it is a starting point for your test preparation. // ü Economics ü Microeconomics ü Macroeconomics ü Scarcity ü Shortage ü Factors of production ü Entrepreneur ü Trade-offs ü Guns or butter decisions ü Opportunity cost ü Thinking at the margin ü <span style="font-family: 'Cambria','serif';">Economic Systems ü <span style="font-family: 'Cambria','serif';">Economic Goals ü <span style="font-family: 'Cambria','serif';">Specialization ü <span style="font-family: 'Cambria','serif';">Communism vs. Capitalism ü <span style="font-family: 'Cambria','serif';">Communism vs. Socialism ü <span style="font-family: 'Cambria','serif';">Private vs. Public Sector ü <span style="font-family: 'Cambria','serif';">Features of Free Enterprise ü <span style="font-family: 'Cambria','serif';">Constitutional Protections ü <span style="font-family: 'Cambria','serif';">Public Goods ü <span style="font-family: 'Cambria','serif';">Externalities ü <span style="font-family: 'Cambria','serif';">Poverty Problem ü <span style="font-family: 'Cambria','serif';">Redistribution Programs
 * <span style="font-family: 'Cambria','serif';">Terms/Concepts **