The document provides an overview of key economic terms and different types of economic systems, including characteristics of traditional, market, command, and mixed economies. It also defines economics terms like scarcity, capital resources, and entrepreneurial resources. Various tables are included to compare economic systems and their advantages and disadvantages.

1. Name:
2.01 Key Terms Blank
Understand Economics and Economic systems
Term Definition
Economics Terms Economics Terms
Economics
Scarcity
Capital Resources
Natural Resources
Human Resources
Entrepreneurial
Resources
Types of Economies Types of Economies
Command economy
Market economy
Socialist economy
Mixed Economy

2. Traditional Economy
Class:
Characteristics Traditional Market Command Mixe
Who makes
economic
decisions?
What is the
government's role
in the economy?
What motivates
the economy?
How are
resources
allocated?
Is the level of
competition high
or low in the
economy?
List examples of
countries with this
type of economy.
2.01 , List characteristics for each type of economic system by answering
questions in the left column for each type of economic system.
2.01 Comparing Economic Systems

3. Name:
Market
Econom
y
Command Economy
• Advantage:
• Disadvantage:
• Advantage:
• Disadvantage:
G
l
o
b

4. a
l
E
c
o
n
o
m
i
c
S
y
s
t
e
m
s
Mixed Economy
• Advantage:
• Disadvantage:
Traditional
Economy

5. • Advantage:
• Disadvantage:
2.01 Comparing Economic Systems Name: Page
2
1. Name some similarities between Command and Traditional economic systems.
2. Name some similarities between Command and Mixed economic systems.

6. 3. Name some similarities between Market and Traditional economic systems.
4. Name some similarities between Market and Command economic systems.
5. Name some similarities between Market and Mixed economic systems.
6. In addition to all these being Global Economic Systems, name one major similarity in
all systems.

7. 2.02 Investing—Stock Market
What is issued as proof of stock ownership?
What is the term for a percent of the company's profit that is paid to the
shareholders?
If Sandy owns 10 shares of stock, and there are 50 shares outstanding, what is
Sandy's percent of ownership?
How to Read a Stock Table
Write an explanation under each column in the Stock Table.

8. <1> <2> <3> <4> <5> <6> <7>
Sales
Ticker Compan 100s Hi Low Last Change
y Name
GE General 6567 26.86 24.64 25.73 -2.40
Electric
Co
2.02 Key Terms Blank
Term Definition
Supply & Demand Terms Supply & Demand Terms
Market A place where people sell things. :)))));):):):)<3
Supply How much of a good or service a producer is willing
and able to produce at different prices.
Demand An individual’s need or desire for a good or service at a
given price.
Law of Demand The law of demand states that, if all other factors remain
equal, the higher the price of a good, the less people will
demand that good.
Law of Supply demonstrates the quantities that will be sold at a certain price

9. Price monetary value: the property of having material worth
2.03 Notes Name
Federal Reserve
§
§
Impact of the Federal Reserve on the economy
§
•
•
•
§
•
•

10. •
•
Stock Market
Purpose of Stock Market
•
•

11. Functions of Stock Market
•
•
Impact of the Stock Market on the economy
Bull Market
•
•
•
Bear Market

12. •
•
•
2.03 Review
Explain how the Federal Reserve, stock market, and e-commerce
impact the U.S. economy.
Complete the chart below, stating how each economic factor has impacted the U.S.
economy, and why the factor has had this effect on the economy.
Impact on Impact on Impact on
availability of consumer U.S.
goods in U.S. buying businesses
economy habits in
U.S.
economy
Federal Reserve
§
Raise
interest
rates
§
Lower
interest
rates

13. §
Circulate
more
money
Stock Market
§ Bull
market
§ Bear
market
e-commerce
2.03 Notes

16. 2.04 United States Economy Summary

17. 2.04 United States Economy Summary—Page 2
What type of economic system does the United States (U.S.) have?
List two other countries that have a similar economic system:
List two advantages of the U.S. economic system:

18. List two disadvantages of the U.S. economic system:
Give an example of a U.S. regulatory agency:
Do you think regulatory agencies are necessary? Why or why not?
Who or what takes care of peoples' needs in the U.S. economic system?
Who or what satisfies peoples' wants in the U.S. economic system?

19. List one similarity and one difference between the U.S. economy and China's
economy:
6208 – Exploring Business Technologies 2008 Page 126