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Econ Terms

posted Mar 30, 2014, 11:33 AM by Unknown user

By Celeste and Bailey

SS7E5 The student will analyze different economic systems.

SS7E6 The student will explain how voluntary trade benefits buyers and sellers.

SS7E7 The student will describe factors that influence economic growth.

 a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.

b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

a. Explain how specialization encourages trade between countries.

b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.

d. Explain why international trade requires a system for exchanging currencies between nations.

a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).

b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).

c. Explain the role of oil in these countries’ economies.

d. Describe the role of entrepreneurship.