BUSINESS HIGH SCHOOL-ECONOMICS Explanation Analysis Scope of Economics Description Scarcity Fundamental Economic Concepts Unit 1 (Chapter 1, 2, 3) Needs and Wants Prediction Factors of Production Three Basic Economics Questions Essential Learning Expectations: Understand the fundamental economic problem. Discuss the three basic economic questions of a society. Differentiate among the different types of economic systems. Explain the difference between economic and social goals. Discuss the meaning of competition and free enterprise. Think about the advantages and disadvantages of different business organizations. Define growth through reinvestment. Define growth through merger. Content Vocabulary: Opportunity cost Production possibilities frontier Cost-benefit analysis Inflation Profit motive Consumer sovereignty Non-profit organization Cooperative