PRACTICE QUIZ FOR FRIDAY'S QUIZ!
After you complete the quiz above - it will give you the results! Have Fun!
STUDY GUIDE - Introduction to Economic Terms and Concepts
A Guide to help you prepare!
Items to help you:
Chapter 1 (including case study) in the book
Notes taken in class (do you review them often?)
Homework #1 – Lesson 1
Notes on Trade (from Trade activity)
Concepts and terms to know…
Scarcity
Opportunity Cost
The Factors of Production (a.k.a. the Productive Resources)
Wants and Needs
Goods and Services
Microeconomics and Macroeconomics
The Four Basic Economic Questions
Meaning of the phrase, “There is no such thing as a free lunch.”
Why do we have to make choices?
What kind of choices do we make?
Why do we trade?
Remember – don’t ever be afraid to ask questions or to see Mr. M after class!!
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