Micro Unit 1 Review List

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

Unit 1 Key Ideas

Micro Unit 1

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