Semester Review Part One

Complete these stems in your journal. Upload a picture of them for a grade. 

Scarcity is.... 

Equilibrium means... 

Adam Smith was... 

A PPF shows... 

In a command economy, decisions about what is produced are made by... 

In a market economy, decisions about what is produced are made by... 

Capitalism is...

Socialism is... 

Karl Marx and Mikhail Bakunin were important... 

The means of production are... 

Comparative advantage means... 

A monopoly is... 

Oligopoly means... 

Governments regulate the economy because... 

Externalities are... 

A tax which increases as income increases (the richest pay more) is called... 

A tax which stays the same no matter the income level is called... 

Positive economics is... 

Normative economics is... 

Laissez-faire or "free market" economics calls for... 

Trickle-down economics is...