Economics Test Study Guide: Chapters 1 ~ 9/4/13

Economics Test Study Guide:  Chapters 1 

Test Tuesday (September 10, 2013)
http://mrbpearlcohn.blogspot.com/2013/08/economics-online-text.html

Terms to know:

1. Scarcity
2. Economics
3. Need
4. Want
5. Factors of Production
6. Land
7. Labor
8. Capitol
9. Entrepreneur/ enterprise
10. Goods
11. Services
12. Trade Off
13. Opportunity Cost
14. Cost Benefit Analysis
15. Marginal Cost
16. Marginal Benefit
17. Efficacy
18. Underutilization 

Concepts to know:

The role of scarcity in decision making	Production Possibilities Curve
Opportunity Cost & Trade –Offs
Economic and social goals for society	Economic freedoms

Possible Questions:

1. In what ways does scarcity affect both consumers and producers?
2. What are the factors of productions and how they relate to scarcity?
3. Explain the phrase “there’s no such thing as free lunch”?
4. Why is it important to consider marginal benefit and costs when you do a cost benefit analysis?
5. What are three things a ppc shows?
6. What are factors that could lead to economic growth?
7. Explain Adam Smith's concept of the invisible hand?