Complete #1 on page 7. Number your definitions (18)

•Complete #1 on page 7. Number your definitions (18)

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• Use the Chart to provide examples of various natural resources, human resources, and capital resources

• Chapter 1; Section 1 pages 3-7

NATURAL RESOURCES

HUMAN RESOURCES

CAPITAL RESOURCES

• What is Economics?• What are the

factors of production?

• What is the goal of entrepreneurship?

• Chp 1; Sect 1

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• Why is scarcity a basic problem of economics?

• What are the three economic questions that all economic systems address; explain them.

• Chp 1; Sect 2

• What is opportunity cost?

• What is the Production Possibility Curve?

• Chapter 1; Section 3

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• What two assumptions determine the production possibilities curve (PPC)?

• What condition is represented by a point lying inside, or below, the PPC?

• Chp 1; Sect 3

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• What are the difficulties associated with barter?

• Why is self-sufficiency so rare?

• What are the economic benefits of interdependence?

• Chp 1; Sect 4 (15-18)

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•What are the three functions of money? Page 16

•What is value? (17)

•What is utility? (17)

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• What are the 3 basic economic questions answered in traditional, command, and market economies?

• What are the roles of self-interest and incentives in a market economy?

• Chp 2; Sect 1

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• What are the five main features of the free-enterprise system in the United States? (29)

• Identify and explain the two markets of the circular flow model. (34)

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• Complete # 2 “Identifying Concepts” page 40

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• How do nations decide how to use scarce resources?

• Why do economic goals sometimes conflict?

• Chp 2; Sect 3

Bell – Ringer 2 – 23 - 09

• How does demand differ from quantity demanded?

• What does the law of demand state?

• What do demand schedules and demand curves illustrate?

• Chapter 3 section 1


• What does it mean for a product’s demand to shift?

• What factors can shift demand for a product?

• How do substitute goods differ from complementary goods?

• Chapter 3 section 2


• What is demand elasticity?

• What is the difference between elastic and inelastic demand?

• How is demand elasticity measured?

Chapter 3 section 3Page 63-68


• What is the difference between supply and quantity supplied?

• What does the law of supply sate?

• What do supply schedules and supply curves illustrate?

• What is supply elasticity?

Chapter 4 section 1 page 73-78

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Complete #1 on page 7. Number your definitions (18)

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