Bell Ringer 1-29-2008 Define and give an example of a natural resource, human resource, and capital resources. Pages 4-5

Copy the chart and provide three examples of these resources Bell Ringer 1-30-2008 Copy the chart and provide three examples of these resources NATURAL RESOURCES HUMAN CAPITAL

Bell Ringer 1-31-2008 Why is scarcity a basic problem of economics? (page8) What are the THREE basic economic questions on how to allocate resources effectively, that a society must address? (page 9)

Bell Ringer 2-6-2008 What are the three economic choices? Page 11. Using Figure 1.2 on page 11 answer the following questions: “Based on the decision-making grid, what is his best choice for a Friday-night activity? What are the trade-offs? What is the opportunity cost?

Bell Ringer 2-7-08 What are the three forms of exchange? Pages 15-16 What are the three functions of money? Page 16

Bell Ringer 2-13-2008 What are the two parts of the circular flow model and explain those two parts. Pages 34-35

Bell Ringer 2-14-2008 Why is scarcity a basic problem of economics? (page 8) What does the Production Possibility Curve represent? (page 12) What is interdependence and why might interdependence lead to increased economic efficiency? (page 18)

Bell Ringer 2-19-2008 List and explain the three economic concepts that help explain the law of demand. Pages 52-54

Bell Ringer 2-20-2008 What does it represent if the demand curve shifts to the left or if it shifts to the right? Page 56 What are the five determinants of demand? (page 57)

Bell Ringer 2-21-2008 When looking a flour, if you take a wide-angle shot is flour elastic or inelastic and why? If you take a close-up shot is flour elastic or inelastic and why? Page65-66

Bell Ringer 2-22-2008 What is the law of supply? (page 73) When do businesses make a profit? (page 74)