- Know all economic systems: market, command, traditional, mixed.
- How are prices of goods and services determined in a Command Economy?
- Who is primarily responsible for making economic decisions in a market economy?
- What type of economy does the United States have?
- Voluntary exchange
- Specialization
- Economic Interdependence
- Examples of economic and social goals
S/A Questions
- Identify the five major disadvantages of a Command Economy
- Explain who makes economic decisions in a Market Economy
- Describe the advantages and disadvantages of a Mixed Economy
- What distinguishes socialism from communism?
- Describe two economic and social goals and how each relate to you
TEST DATES:
Period 1: Thursday, March 8
Period 5: Friday, March 9
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