AP Economic Systems

In Econ, we’ll make a lot of models (graphs). And we know that there’s a lot of factors that will affect a scenario.

• What will probably happen to you on May 30?

• What could happen that would prevent it?

• Ceteris paribus, what will happen to you on May 30?

Why does no perfect example of an economic system exist? (Answer in 3-4 sentences)

Describe Adam Smith's idea of the Invisible Hand. (Answer in 3-4 sentences)

What would the affect of wealth inequality be on a economy and society?

What do you believe it would take to have a true representation of a market or command economy?

Research one of the other two economic systems (Socialism or Traditional) and list 4-5 facts about them and 2-3 country examples.