Seniors You need to take a 2min survey. Use the computer in the back of the room. Complete the survey, hit complete, hit refresh.

Physical wants = needs Psychological = desires or wants

25 March 2011 Complete the “What am I thinking” at the bottom of pg. 9. Briefly review the following 4 questions: What’s the nature of human wants and how are they satisfied? What are the 4 factors of production. What’s the meaning of scarcity? What’s opportunity cost and why is it important to understand? Review the “economic” way of thinking. Discuss “thinking at the margin”

Thinking at the margin Marginal benefit vs. Marginal cost

What kinds of choices do businesses face and what’s a major goal of a business?

What are the basic economic decisions facing all societies?

Difference between micro and macroeconomics

Discuss pgs. 8-9 in your study guide