Unit Title: Understanding Different Economic Systems
Unit Description: This unit discusses some of the most basic principles of economic and political systems. The unit begins by exploring a free enterprise system, characterized by private ownership, competition, profit, and risk. The unit then explores other economic systems and the various political systems that go with them.
-Is money and weatlh important?
-Ho do economic resources influence a countries policy making decisions?
-How do the principles of supply and demand influence your life?
-What creates a successful economy?
-How does supply and demand influence the price of a good?
-Why would a surplus cause a decrease in price?
-What are the four factors of production?
-What type of economy exists in the United States?
-What are the four processes of the business cycle.
-What are the differences between Capitalism, Socialism, and Communism?