Unit 1 Test Review APGOV
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9 Terms
Features of american free market
Economic
Freedom
Competition
Private Property
Self-Interest
Voluntary
Exchange
Profit Motive
Three features of an American Command market
Regulation of
businesses
Limit of Choices
Government Aid
American mixed economy
The role of the Consumer
The role of the Entrepreneur
Property Rights
Taxation
Contracts
Reasons for Government involvement
To meet needs Private sector doesn’t
To provide services
Regulate the market
Protect worker rights
Macroeconomics
a study of economics in terms of big picture economy
Microeconomics
Small economic systems like homes and private businesses
GDP
the total monetary value of goods and services produced in a country over a given amount of time
Business Cycle
The natural fluctuation in a business’s economic activity
Encouraging Economic Strength
Maximum
Employment
Growing Economy
Stability
Secure Markets
Promoting Education & Research
Protect Intellectual Rights