Review for Unit 1 test.

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Review for Unit 1 test

Review 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

Review 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

Review List the principles of Economics Consumer Disposable Income Discretionary Income List the consumer rights Rational Self-Interest Define/give examples of the types of advertising Brand name vs Generic Brand

Review FDA Production possibilities frontier Utility Types of utility The Types of economic systems Standard of living Define market