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Transcript
Unit 1 Test Review – What is Economics? Economics is the study of… The study of economics will help you become a better…. Define Scarcity Define Needs Define Wants There Is No Such Thing As A Free Lunch. Why? List the Three Basic Questions of Economics List the Factors of Production AND an example of each. Define GDP. What is Per Capita GDP? What is a tangible product called in economics? What is a service? What are Machines that make goods are called? Goods that last less than three years are called _____ goods. Goods that last more than three years are called _____ goods. How can something that has economic value be expressed? Utility in economic terms means what? What are Factor Markets? What are Product Markets? Why should a company worry about Productivity? Explain Division of Labor. Workers are more efficient when doing ____ tasks rather that doing _____. What is Specialization? What did Henry Ford create to the speed of building cars? How can businesses invest in their Human Capital? What makes countries Economically Interdependent? Name three trade-offs you had last week. What does a Cost-Benefit Analysis explain? Explain a Free Enterprise Economy. Name AND describe the Three Economic Systems Give two purposes of Social Security. Explain how Consumers “vote” in a market economy. Draw a Production Possibilities Frontier graph. Name, period