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

2. 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

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

4. 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

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

6. 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

7. 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)

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

9. 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

10. 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)

11. Complete # 2 “Identifying Concepts” page 40

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

13. Bell – Ringer 2 – 23 - 09 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

14. Bell – Ringer 2 – 24 - 09 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

15. Bell – Ringer 2 – 25 - 09 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

16. Bell – Ringer 2 – 27 - 09 What is the difference between supply and quantity supplied? What does the law of supply sate? What do supply schedules and supply curves illustrate? What is supply elasticity? Chapter 4 section 1 page 73-78