1. Economics

2. What is Economics
How people, businesses, and governments decide to produce exchange, and use goods and services
So what does this mean?

3. The basic economic problem…
People have unlimited wants
but….
People have limited Resources are limited.

4. The three economic questions…
What goods and services should be offered/ created?
Allocation problem: prioritize what to produce
How to produce goods and services
Production problem: use of labor and capital
3. For whom to produce goods?
Distribution problem: resources for rich people or passed out equally .

5. Rationing Resources
Deciding how to spend and use your resources
RESOURCES: the things people needs to make goods and offer services

6. LAND: the natural resources provided by nature used for goods

7. LABOR: the mental and physical capacity of people to do work and produce goods

8. CAPITAL: the physical plants, machinery, money, and equipment used to produce other goods

9. ENTREPRENEURSHIP: the creative ability of individuals to seek profits by taking risks and combing resources to produce and innovate products

10. TRADE Cut the think black line
Glue the skinny column into your notebooks
Under the tabs list the top 3 exports and imports for America by reading the chart provided
Then next to this sheet explain what that means for the American economy-
For example: Mexico’s top import is machinery. According to the chart machinery accounts for 21.8% of all Mexican imports. This means that Mexico does not make their own machines, and they need machines to create the goods they do produce.

11. US imports and exports

12. Bartering Cut the think black line
Glue the skinny column into your notebooks
Answer the question completely using
the RACE cheat code after reading the article

13. Supply & Demand Cut the think black line
Glue the skinny column into your notebooks
Answer the question completely using
the RACE cheat code after reading the article

14. Globalization Cut the think black line
Glue the skinny column into your notebooks
Answer the question completely using
the RACE cheat code after reading the article
cons-of-globalization/#3645c2b8ccce

15. Business Cycle Cut the think black line
Glue the skinny column into your notebooks
Answer the question completely using
the RACE cheat code AFTER reading the article

16. Comparing Economies Cut the think black line
Glue the skinny column into your notebooks
Answer the question completely using
the RACE cheat code

17. Supply & Demand 2 Cut the think black line
Glue the skinny column into your notebooks
Color the up arrows green
and the down arrows red
Circle the correct arrow based on the diagram and then write a sentence that describes the diagram.
For example: If supply of goods go up and demand for those goods go up then the price with also go up. (so for the first diagram the up arrow is circled)