(6) List and describe the 4 types of economic systems. I your description, be sure to define what an economi system is. (7) Why are the ideas of supply and demand inmportant t our economy?
(6) List and describe the 4 types of economic systems. I your description, be sure to define what an economi system is. (7) Why are the ideas of supply and demand inmportant t our economy?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:(6)
List and describe the 4 types of economic systems. In
your description, be sure to define what an economic
system is.
(7)
Why are the ideas of supply and demand important to
our economy?
Hint: consider that we operate as a mixed economic
system. Why are supply and demand important in this
system?
(8)
As a defining piece of the United States economy,
competition is important. What are the two possible
results from competition?
(9)
List and describe the 4 pieces of the business cycle.
(10)
List and describe the 2 ways economists measure our
economy.

Transcribed Image Text:(1)
Briefly explain how businesses have developed
throughout history.
(2)
What are some of the largest industries in the US
today? What does this mean for the average person?
Hint: think about the average person in terms of a
consumer and a worker. What do the largest industries
mean for them?
(3)
Define economics. Be sure to address the role of
businesses in the economic process.
Hint: if it helps, you can draw (somehow) and describe
the diagram we discussed.
(4)
List and describe the 3 economic roles.
(5)
List and describe the 3 types of economic resources. In
your description, be sure to define what an economic
resource is.
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