1.1
Use the chart to show the Factor s of Production.
Name each and add an example.
Label the circle appropriately.
Add anything missing from the chart/process (and there are missing things!)
(F of P)
Other Terms:
Need
Want
Economics
Goods/services
Scarcity
Shortage
1.2
Making Choices- why do choices have to made? What is considered in choices?
Example:
Use the scale to analyze if a student should study for 3 more hours, or sleep for 3 more hours.
What does this picture show?
Connections to pic above?
What is the economic term for the cost of choosing “A”
Why aren’t choices all or nothing, in many cases? Term for this?
Other Terms:
Opportunity Cost
1.3
Give this chart a name (what would an economist call this?)
What does this show us about an economy?
Assume curve “A” existed before “B”, and B before “C”, and so on.
What may have happened between A and B?
Then what may have happened between BB and BD?
What is Y called?
What does X represent?
If curve C was the original and curve A was the current one, what
may have happened?
What does point C show?
What does point C’ show?
How does opportunity cost relate to this graph?
Imagine the Law of Increasing Cost applied most when moving from capital Goods to consumer goods- draw a curve that would
show this.
Other Terms:
Production Possibilities Frontier
Law of Increasing Costs
Efficiency
2.1, 2.2, 2.3, 2.4
Label the chart with the 3 categories of economic systems we studied
How are economic decision made?
Role of Govt.
Advantages
Disadvantages
Values exhibited
Key Terms Related
Key terms:
Economic Efficiency
Economic Freedom
Security and
Predictability
Equity
Growth and Innovation
Economic System
Centrally Planned
Economy
Market Economy
Command Economies
Traditional Economies
Profit
Invisible Hand
Socialism
Laissez Faire
Private Property
Communism
Continuum
Authoritarian
Consumer Sovereignty
Incentive
Collective
Modern Mixed
Economy
Privatize
Competition
Self Interest
Label the Circular Flow Model of a _______________ Economy.
Include:
Product Market
Factor Market
Households
Firms(Businesses)
Monetary Flow X 2
Physical Flow x 2
Taxes x 2
Government
Govt. Workers
Govt. Purchases
We just covered and reviewed 3.1 and 3.3 = sufficient review for those.