Unit 1 Review Sheet: Economic Systems, Theories and Intro to the US Economy

Review for Economics Test #1: Wednesday Oct. 7

You should review all of the following terms and c0ncepts before our in-class review

on Tuesday, 10/6. Know examples of the broader concepts we have convered thus far.

Print the sheet for your own refernece, I will not be distributing it in class.

Market Economy
Command Economy
Traditional Economy
Socialism
Communism
Full command economy
Partial command economy

Commerce clause
Coinage Clause
Export Clause

Article 1, Sections 8, 9, 10
Amendments 1, 4,5, 9, 10, 16, 18, 21

Aggregation

Highly Developed economy
Developed
Developing

Microeconomics
Macroeconomics

Keynesian Economics
Classical Economics

Presidential responses to ecnomic recession: Hoover, FDR, Kennedy, Johnson, Regan Bush Sr., Clinton, GW Bush, Obama’s stimulus approach
Historical US recessions and booms

Macroeconomic Indicators:
Long term economic growth
Business cycles/ fluctuations
Unemployment
Inflation
Microeconomic policy
International economics

Debt
Defecit
Subsidy
Tarrif
Sanctions
Embargo
Hyper inflation
Deflation
Stagnation
Interest
Assets
Commodities

Favorable balance of trade

Trade defecit

Trade surplus