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[DOC File]Unit 1 Study Guide: Basic Economic Concepts
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Answers will vary: Traditional, Market, Command, Mixed. 4. What is the free market? Identify the advantages of a free market economy. 4. An . e. conomic systems that are based on voluntary exchanges markets. In a . free market . economy, individuals and businesses use markets to exchange money and products.
market economic system

[DOC File]Concept 1: Foundations of Economics
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Firms are the primary producing units in a market economy. Difficulty: E Type: D. Explain what an entrepreneur is and its function. An entrepreneur is a person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it …
what is market economy

[DOC File]Economic Systems Unit Plan.doc.docx
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2. The buyer–seller exchange in a free market economy is a positive–sum game (both sides are “winners”) as opposed to a zero–sum game (winner and a loser, whose utility changes net to zero - canceling each other out). 3. Due to scarcity, all decisions involve trade–offs.
why market economy is best

[DOC File]Chapter 2: Production Possibilities Curve, Scarcity, and ...
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Why can it be said that the U.S. has a mixed economy? In a market, command and traditional economy, how are the Three Questions answered? What are the four roles of government in an economy, and examples of each (2.3). What is the definition of productivity, and what makes productivity increase? How important is education to personal income ...
market economic system

[DOC File]Sample Questions for Case & Fair, Principles of Economics ...
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Create a chart with 2 columns labeled Market Economy/Centrally Planned Economy that shows our special mixture. The major purpose of any economic system is to deal with problems caused by _____. Whose decisions have the most influence in a market economy? Why can it be said that consumers in a market economy “vote with their dollars”?
what is market economy

Market Economy Definition
command economy: insert definition. market economy: insert definition. Directions: Read the following sentences and decide whether each best describes a command, market, or traditional economy. Explain why. Create selected response questions with text box for …
why market economy is best

[DOC File]Purpose of Government Lesson - World History
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In a market economy producers and consumers interact to determine what the equilibrium price and quantity will be. 2. If a good is “inferior” then a decrease in income will result in: a. an increase in the demand for the good. b. a decrease in the demand for the good.
market economic system

[DOC File]In a market economy, who determines the price and quantity ...
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a. why voluntary exchange occurs only when all participating parties expect to gain from the exchange. b. role and interdependence of households, firms, and government in the circular flow model of economic activity. c. role of entrepreneurs in a market economy and how profit is an incentive that leads entrepreneurs to accept risks of business ...
what is market economy

Market economy why