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[DOC File]Comparison of Economic Systems
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Define Economics: What are the three questions all economic systems answer? Word Bank: Laissez Faire government (2) private property entrepreneurs companies inequality programs. exploitation (suffering) monopolies command communism unproductive middle. Efficiently consumers exchange money (2) illegal competition mixed
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[DOC File]Opportunity Cost Work Sheet
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Opportunity cost . is one of the most important concepts in economics and is the basis of all economic decision making. The definition of opportunity cost is the value of any alternative you must give up when you make a choice.
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[DOC File]Economic Systems/Opportunity Costs Worksheet
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12. Economy based on the “Laissez Faire Economics” principle. Part II: Read and solve each of the following scenarios. Your solution must include identification of the opportunity costs and who will be the bearer of the costs. 13. By taking an airplane one can go from Detroit to Chicago in one hour. The same trip takes five hours by bus.
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[DOC File]Economic Vocabulary
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Economic Vocabulary Review Worksheet. Write the vocabulary word that matches each definition below. market economy- system where decisions concerning the three basic economic questions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. . . also called free enterprise, capitalism, and laissez-faire
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[DOC File]Worksheet - Chapter One
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Review Questions. Production and Costs. 1. Answer the following questions about cost curves: a. Why must the marginal cost curve always cut the average variable cost curve and the average total cost curve at the lowest points of those curves?
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[DOC File]Name
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Name Economics. Economic Systems. Place a check mark in the column of the type of economic system that the statement describes. Statement Traditional Command Capitalist The United States has this type of system. Everyone does what people in his or her family have done. Central planning determines the production and distribution of goods.
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