- Scarcity, Opportunity Cost, Trade Offs
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- Advantages & Disadvantages of each of the
Economic Systems (Command, Market,
& Traditional
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- inverse, direct, & independent relationships
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- Describe & Analyze the different economic
goals of different economies
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- constant & variable relationships
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- Identify the mix of the different elements in
Mixed Economies
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- concept of opportunity cost with a Production
Possibility Curve
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- Comparative & Absolute Advantage
(activity #6)
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- Analyze different positions on, in, or outside
a Production Possibility Curve
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- Explain how both parties gain in a trade from
voluntary exchange
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- Concave (bowed out from origin), Convex
(bowed in toward origin), Linear Production
Possibility Curves
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- Law of Increasing Opportunity Cost
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