 Define economics  The two divisions of economics  List/define/give examples of the Factors of Production  Define/give examples of needs and wants.

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Presentation transcript:

 Define economics  The two divisions of economics  List/define/give examples of the Factors of Production  Define/give examples of needs and wants  Define Scarcity  Define Shortage

 Explain the difference between scarcity and shortage  Define/give examples of goods.  Define/give examples of services.  Opportunity cost, define and give example  Trade-off, define  What is the Economy

 The types of economic systems  Standard of living  Define Market  Be able to interpret information on a Production Possibilities Frontier/Curve  Define absolute advantage  Define comparative advantage  Be able to figure out both absolute and comparative advantage

 Interpret a circular flow model  List the principles of Economics (10 point bonus)