Study Guide for the Intro to Econ Test

Introduction to Economics and Economic Systems

What will help you prepare?

• The 6 Core Principles of Economics note
• The Factors of Production notes
• The Traditional Economic System notes
• The Command Economy notes
• Karl Marx and Adam Smith notes
• Class activities – Feudal M&M’s, Standing in Lines (Command), Zapitalism, Fishing Experiment (Tragedy of the Commons) Adam Smith play
• Reading - Maasai Reading - A Traditional Economy
• Reading - Growing up in a Command Economy - Memories from Childhood
• The Cost/Benefit homework
• The Productive Resources homework
• The No Such Thing As A Free Lunch homework
• The Characteristics of the Free Market Economic System homework

Concepts to Understand:
Scarcity, Profit, trade, Opportunity Cost, Feudalism, Incentive
Goods, cost benefit, Markets, Macroeconomics
Services, Competition, Wants vs. Needs, Profit motive,
Microeconomics, Entrepreneur, Traditional Economic System,
Free Market Economic System, Command Economic System, Bourgeoisie vs. Proletariat
Tragedy of the Commons

Here are the Main Topics and Lessons from the first units of the Year!

1. The 6 Core Principles of Economics - 

• You will need to know these six and be able to explain them. Perhaps you could make note cards to help you study these?
• You can expect a question in which you will have to right a Cost/Benefit analysis (like on the homework assignment of the same name).
• You can expect about each of the six principles including some of the activities we did (like the Fishing activity for teaching the importance of "incentives").

2. Adam Smith vs. Karl Marx

What economic beliefs did each man have? 

What books did they write in their lifetime?

Perhaps make a chart that details info about each and compares each man?

3. What are the three economic systems of the world today?

-Be able to describe each of these

-Know their advantages and disadvantages

-Be able to use examples we learned class...

4. Expect some questions about Joseph Lekuton (Maasai reading )and the Romanian girl (Growing Up In A Command Economy) from our readings.

5. Zapitalism - how many economic freedoms can you list that were available to you while playing the simulation…

6. We spent some time looking at Feudalism – what was so unfair about the Feudal way of life? 

• Think of your journal entry - "Feudalism - how was it as an economic system?"

6. Are you able to list the Factors of Production and/or the 4 Basic Economic Questions?

• Expect a question about the productive resources like the one you had on a homework assignment and the first review quiz.

7. The Characteristics of the Free Market economic system:

• You will need to know each characteristic and be able to explain them. You should include any examples from class to help you describe them.  Once again, perhaps notecards would help here. 
• Don't forget the Paper Airplane Challenge as an example of these characteristics.

9. Review the two online review quizzes you already took. Some of those questions will be on the test.

10. What is the Tragedy of the Commons? 

• Can you explain what the tragedy is?
• What activity did we use in class to teach this concept? Why?
• What did the video about Lions have to say about this?
• What does it have to do with private property?

This quiz will have short answer, fill-in-the-blank, multiple choice, and essay questions.