First study guide

First study guide - Study Guidelines for Test #1 ECON 1100...

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Study Guidelines for Test #1 ECON 1100 Fall 2008 If you understand the below concepts, then you should be able to do well on the Test. 1. Know the various types of economic systems : market, mixed economy, 2. Understand the key differentiating characteristics of each type of economic system. 3. What are some of the methods used by economists to measure differences between economic systems? (Hint: recent performance, degrees of freedom, living standards, etc) 4. What are the 4 basic resources ? 5. Define the term “ capital ” in economic terms. 6. Understand what is meant by “ secure private property rights .” 7. Understand the impact that “ market incentives ” have on the distribution of income in a given country . 8. Understand the relationship between secure property rights , market incentives , economic profits and the willingness of entrepreneurs to take risks. 9.
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First study guide - Study Guidelines for Test #1 ECON 1100...

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