Practice EOCT questions

Slides:

Advertisements

Similar presentations

Fundamental Economic Concepts. Scarcity The most basic of all economic problems. The problem of unlimited human needs and limited productive resources.

Advertisements

Equity Security Freedom Stability

x = - 2y + 56 x = - 3y - 1 Home.

Supply and Demand 1.2. Market Economy  How are prices determined in a “market economy”?  What does the term “market economy” mean?

Topic 1Topic 2Topic 3Topic 4Topic

Chapter 1: What is Economics

Baking Cookies English Club eats chocolate chip cookies!

EQUILIBRIUM. IN YOUR NOTEBOOK If you have higher supply than demand, what is it called? If you have higher demand than supply, what is it called?

The Economic Institution What is Economics?. The Economic Institution To satisfy people’s needs and wants, every society develops a system of roles and.

BASIC FUNDAMENTALS PRACTICE QUESTIONS. BASIC FUNDAMENTALS QUESTION 1 Which describes scarcity? A A condition where supply exceeds demand. B The situation.

Scarcity and the factors of production

Day 3. With Your Group Members From Yesterday Create/Write a “Cheer” About One or More of the Following: Definition of “resources”. Definition of “scarcity”.

Economics Review 1. What is the human effort that is used to produce goods called? A profit B capital C labor D stock.

What Is Economics?  Economics:  The study of the choices and decisions that affect making, distributing, and using goods and services.

ECONOMICS CHAPTER 1. A. SCARCITY – What is it? 1.Scarcity - when there is not enough of a “resource” to meet all demand 2.Economics – the study of how.

Chapter 1. Learning Objective I can define economics and understand what causes the study of economics to exist.

Economics Key Terms. Economics The study of how things are bought and sold.

My Holiday Traditions By: Romona Mcleod. I bet your family doesn’t have the best Christmas traditions! Well my family has better ones then you. We bake.

Scarcity and the factors of production Economics starts with idea that People cannot have everything they need or want.

Chapter 1: What is Economics? Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 1 Objectives 1.Explain why scarcity and choice.

Play Dough Economics Cornell Cougar Company Lesson Tuchek.

What is Economics? Need  something –Ex: shelter, food, air Want  an item –Ex: iPhone, sports cars Economics  the study of how.

Supply Amount of goods and services producers are willing to make and sell.

Our necessities are few but are wants are endless. INSCRIPTION ON A FORTUNE COOKIE Class Activity on Incentives.

A UNIT IN PAINTING HOW TO PAINT LIKE THE MASTERS.

Economics -Economics -the system that society uses to produce and distribute goods and services -Why study economics??? -Why does the government pay so.

BACHELOR OF ARTS IN ECONOMICS Basic Economics w/ TAR Pangasinan State University Social Science Department – PSU Lingayen CHAPTER 5 MARKET EQUILIBRIUM.

Scarcity and the Factors of Production

Do Now Pick your own seats! ~Choose wisely~ Grab your folder.

Scarcity, Trade-offs, and Opportunity Cost

3.01 Recognize terminology related to economics

Scarcity and Supply and Demand

Economics -Economics -the system that society uses to produce and distribute goods and services -Why study economics??? -Why does the government pay so.

The Fundamentals of Business

How can we do cookies ?. How can we do cookies ?

Peanut Butter Cookie Dough Peanut Butter Cookie Dough Peanut Butter

Chapter 1 What is Economics?

Supply …Meets Demand.

Basic Economics 30. Explain what a comparative advantage is?

Cookie Dough Cookie Dough Cookie Dough Cookie Dough Cookie Dough

Chapter 6 Notes The Price System.

Economics Vocabulary.

Economics of the Sports Industry

Scarcity and the Factors of Production

What is the simplified ratio of chocolate chips to sugar?

Econ “Scarcity: The Basic Economic Problem”

Types of Resources EOCT Questions

Economic Decisions and Systems

1st 9wks Unit 1 – Notes EF 1-1 I. Basic Terminology

Economics Basic Principles.

Let’s make Cookies!.

Chapter 1: What is Economics? Section 1

Chapter 1: What is Economics? Section 1

Chapter 1 Section 1.

Economics Review 1.

Chapter 1: What is Economics? Section 1

Free Enterprise 1.5 Please grab your notebooks and be in your seat ready to learn when class starts.

Do Now for Monday, October 3

Market-Clearing Price Supply and Demand together

Shortage and Surplus By: Ben Quick.

February 26, 2013 Supply and demand.

What type of graph is this?

Warm Up Explain the law of supply.

19. The equilibrium quantity for blue jeans is 60 pairs.

You will be given the answer. You must give the correct question.

ECONOMICS The study of how people seek to satisfy their needs and wants by making choices.

Chapter 1: What is Economics? Section 1

Presentation transcript:

Practice EOCT questions Scarcity and resources

Which is a human resource that Ms Which is a human resource that Ms. Johnson could use for her art gallery? A Light fixtures to help display the artwork B A security system to protect the artwork C Knowledge of trends in modern art D A series of paintings by a prominent local artist

2. Which economic situation is characterized by unlimited wants exceeding limited resources? A shortage B surplus C specialization D scarcity

3. In the production of chocolate chip cookies, which represents the factor of capital? A the dough used to bake the cookies B the oven used to bake the cookies C the worker who decorates the cookies D the retailer who sells the cookies

4. Which describes scarcity. A A condition where supply exceeds demand 4. Which describes scarcity? A A condition where supply exceeds demand. B The situation that exists when there is temporarily a shortage of a good or service. C Unlimited wants exceeding limited resources. D An unlimited demand for goods and services.