<p> ECONOMICS 11 Unit 1: Test Review MONDAY, OCTOBER 3RD</p><p>ANY AND ALL TERMINLOGY Nature of Economics Video Circular Flow of the Economy Types of Resources (Natural, Human, Capital, Entrepreneurial) Production Possibilities Curve/Frontier (how to create, terminology) History of Economic Thought (7 Economic Thinkers) Laws and Fallacy’s</p><p>1) Outline three examples of economic decisions that you have made this week. Explain why each was an economic decision. What was the opportunity cost of each? 2) What is an economy? What are the three fundamental questions of production that all economic systems must answer? 3) Define the characteristics of a Traditional, Command and Market economy. 4) Explain what happens at the primary, secondary and tertiary industries. 5) Identify the differences in each of the political economies: a) Communism b) Socialism c) Capitalism d) Fascism 6) Explain what is meant by a mixed economy? Provide characteristics of Canada’s mixed economy.</p><p>ECONOMICS 11 Unit 1: Test Review MONDAY, OCTOBER 3RD</p><p>ANY AND ALL TERMINLOGY Nature of Economics Video Circular Flow of the Economy Types of Resources (Natural, Human, Capital, Entrepreneurial) Production Possibilities Curve/Frontier (how to create, terminology) History of Economic Thought (7 Economic Thinkers) Laws and Fallacy’s</p><p>1) Outline three examples of economic decisions that you have made this week. Explain why each was an economic decision. What was the opportunity cost of each? 2) What is an economy? What are the three fundamental questions of production that all economic systems must answer? 3) Define the characteristics of a Traditional, Command and Market economy. 4) Explain what happens at the primary, secondary and tertiary industries. 5) Identify the differences in each of the political economies: a) Communism b) Socialism c) Capitalism d) Fascism 6) Explain what is meant by a mixed economy? Provide characteristics of Canada’s mixed economy.</p>