Complete #1 on page 7. Number your definitions (18)

Use the Chart to provide examples of various natural resources, human resources, and capital resources Chapter 1; Section 1 pages 3-7 NATURAL RESOURCES HUMAN RESOURCES CAPITAL RESOURCES

What is Economics? What are the factors of production? What is the goal of entrepreneurship? Chp 1; Sect 1

Why is scarcity a basic problem of economics? What are the three economic questions that all economic systems address; explain them. Chp 1; Sect 2

What is opportunity cost? What is the Production Possibility Curve? Chapter 1; Section 3

What two assumptions determine the production possibilities curve (PPC)? What condition is represented by a point lying inside, or below, the PPC? Chp 1; Sect 3

What are the difficulties associated with barter? Why is self- sufficiency so rare? What are the economic benefits of interdependence? Chp 1; Sect 4 (15-18)

What are the three functions of money? Page 16 What is value? (17) What is utility? (17)

What are the 3 basic economic questions answered in traditional, command, and market economies? What are the roles of self- interest and incentives in a market economy? Chp 2; Sect 1

What are the five main features of the free- enterprise system in the United States? (29) Identify and explain the two markets of the circular flow model. (34)

Complete # 2 “Identifying Concepts” page 40

How do nations decide how to use scarce resources? Why do economic goals sometimes conflict? Chp 2; Sect 3

Bell – Ringer 2 – How does demand differ from quantity demanded? What does the law of demand state? What do demand schedules and demand curves illustrate? Chapter 3 section 1

Bell – Ringer 2 – What does it mean for a product’s demand to shift? What factors can shift demand for a product? How do substitute goods differ from complementary goods? Chapter 3 section 2

Bell – Ringer 2 – What is demand elasticity? What is the difference between elastic and inelastic demand? How is demand elasticity measured? Chapter 3 section 3 Page 63-68

Bell – Ringer 3 – Review section 1 Finding the main idea Number 3 Chapter 4 section 1 page 78

Bell Ringer What lists each quantity of a product that producers are willing to supply at various market prices? The degree to which changes in price affect quantity supplied is represented by what? What situation exists when a change in a good’s price has little effect on the quantity supplied? See pages

Bell – Ringer 3 – What does it mean for a product’s supply to shift? What determinants might cause a product’s supply curve to shift? How does a tax differ from a subsidy? Chapter 4 section 2 Pages

Bell Ringer 3 – 6 – 09 List the tools available to the government that can cause the supply curve to shift to the left or the right. List six determinants of supply. What does competition do to the supply curve? An increase in supply causes the supply curve to shift in which direction?

Bell Ringer 3 – The productivity levels are influenced by what major factors, list a few. What does the law of diminishing returns represent? List some of the costs of production. Chapter 4 sec. 3

Bell Ringer 3 – What is another name for total product? Production levels are influenced by what two factors? What is another name for total output? Chapter 4 Sec. 3

Bell Ringer 3 – When a small change in a good’s price results in a major change in quantity supplied, the supply is said to be what? Strict government regulations are said to do what to supply? Chapter 4 all sections

Bell Ringer 3 – Study for your test Pass your test Do the section 1 review #1 identify & explain, for homework to be stamped on Friday the 13 th.

Bell Ringer 3 – Name 5 benefits of the price system. List 3 limitations of the price system. What is the definition of a market failure? What is the definition of negative externality? See P.P. 5.1 & chapter 5 sec.1

Bell Ringer 3 – What is a market surplus, and what does this warrant producers to do as a result? What is a market shortage, and what must happen to reach equilibrium? What does it mean for a market to be in a state of equilibrium? Chapter 5 sec. 2