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  • 1. Name: 2.01 Key Terms Blank Understand Economics and Economic systems Term Definition Economics Terms Economics Terms Economics Scarcity Capital Resources Natural Resources Human Resources Entrepreneurial Resources Types of Economies Types of Economies Command economy Market economy Socialist economy Mixed Economy
  • 2. Traditional Economy Class: Characteristics Traditional Market Command Mixe Who makes economic decisions? What is the government's role in the economy? What motivates the economy? How are resources allocated? Is the level of competition high or low in the economy? List examples of countries with this type of economy. 2.01 , List characteristics for each type of economic system by answering questions in the left column for each type of economic system. 2.01 Comparing Economic Systems
  • 3. Name: Market Econom y Command Economy • Advantage: • Disadvantage: • Advantage: • Disadvantage: G l o b
  • 4. a l E c o n o m i c S y s t e m s Mixed Economy • Advantage: • Disadvantage: Traditional Economy
  • 5. • Advantage: • Disadvantage: 2.01 Comparing Economic Systems Name: Page 2 1. Name some similarities between Command and Traditional economic systems. 2. Name some similarities between Command and Mixed economic systems.
  • 6. 3. Name some similarities between Market and Traditional economic systems. 4. Name some similarities between Market and Command economic systems. 5. Name some similarities between Market and Mixed economic systems. 6. In addition to all these being Global Economic Systems, name one major similarity in all systems.
  • 7. 2.02 Investing—Stock Market What is issued as proof of stock ownership? What is the term for a percent of the company's profit that is paid to the shareholders? If Sandy owns 10 shares of stock, and there are 50 shares outstanding, what is Sandy's percent of ownership? How to Read a Stock Table Write an explanation under each column in the Stock Table.
  • 8. <1> <2> <3> <4> <5> <6> <7> Sales Ticker Compan 100s Hi Low Last Change y Name GE General 6567 26.86 24.64 25.73 -2.40 Electric Co 2.02 Key Terms Blank Term Definition Supply & Demand Terms Supply & Demand Terms Market A place where people sell things. :)))));):):):)<3 Supply How much of a good or service a producer is willing and able to produce at different prices. Demand An individual’s need or desire for a good or service at a given price. Law of Demand The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. Law of Supply demonstrates the quantities that will be sold at a certain price
  • 9. Price monetary value: the property of having material worth 2.03 Notes Name Federal Reserve § § Impact of the Federal Reserve on the economy § • • • § • •
  • 10. • • Stock Market Purpose of Stock Market • •
  • 11. Functions of Stock Market • • Impact of the Stock Market on the economy Bull Market • • • Bear Market
  • 12. • • • 2.03 Review Explain how the Federal Reserve, stock market, and e-commerce impact the U.S. economy. Complete the chart below, stating how each economic factor has impacted the U.S. economy, and why the factor has had this effect on the economy. Impact on Impact on Impact on availability of consumer U.S. goods in U.S. buying businesses economy habits in U.S. economy Federal Reserve § Raise interest rates § Lower interest rates
  • 13. § Circulate more money Stock Market § Bull market § Bear market e-commerce 2.03 Notes
  • 14. 2.04 United States Economy Summary
  • 15. 2.04 United States Economy Summary—Page 2 What type of economic system does the United States (U.S.) have? List two other countries that have a similar economic system: List two advantages of the U.S. economic system:
  • 16. List two disadvantages of the U.S. economic system: Give an example of a U.S. regulatory agency: Do you think regulatory agencies are necessary? Why or why not? Who or what takes care of peoples' needs in the U.S. economic system? Who or what satisfies peoples' wants in the U.S. economic system?
  • 17. List one similarity and one difference between the U.S. economy and China's economy: 6208 – Exploring Business Technologies 2008 Page 126