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1. What is an economy? 2. Why do we, the people, need an economy? 3. What are the two dominate forms of economies?

1.      What is an economy?

2.      Why do we, the people, need an economy?

3.      What are the two dominate forms of economies?

4.      What is the difference between a positive statement and a normative statement?

5.      Explain the function of households and firm in the circular flow model of the through three markets of an economy?

6.      Because most goods and services are scarce they have an associated with them?

7.      What is the law of declining marginal utility? What is an economy utility?

8.      What is the law of declining returns?

9.      Give an example of absolute advantage.

10.  Give an example of comparative advantage.

11.  Explain the following reasons for trade beyond advantage

12.  Splitting the value chain

13.  Economies of scale

14.  Give reasons that are given against trade.

15.  What are some of the reasons the international trade expanded greatly is the last few decades. What are some of these reason?

16.  What are the four macroeconomic goal of most nations?

17.  Define "GDP"

18.  Define "Dumping"

19.  How one nation is' GDP compared to another nation's GDP?

20.  How is per capital GDP compared from one country to another?

21.  What are the four components of GDP as measured by output?

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