1. Taking Notes
If the teacher writes it (on the board OR on a P.P. slide) YOU write it
If the teacher explains something or says anything that helps you understand what he/she is talking about—YOU write it
If Ms. Howard puts the text on a P.P. slide in red you don’t HAVE to write it.

2. 1.1 What is Economics

3. Economics
Vocabulary

4. Let’s pretend the Economy is a car…

5. Economic Choices Problem=Scarcity (#1 or Basic)
Resources=Factors of Production OR Productive Resources
Economics—defined

6. Land
Natural resources
“God-given”

7. Labor
Human resources
Physical and Mental effort

8. Capital Human Capital Physical Capital (man-made)
Intellect or knowledge
Physical Capital
Human creations used to produce goods, and services
(man-made)

9. Entrepreneurship Human Resources
Develops OR improves a new product or process

10. Goods and Services
Good is Tangible
Service is Intangible