1. Review for Unit 1 test

2. 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

3. 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

4. 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

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