Download Review Sheet: Basic Economic Concepts (Pages 1-43)

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Review Sheet: Basic Economic Concepts (Pages 1-43)
Economics
Scarcity and choice
shortage
Goods and services
Consumption
Define and provide examples of the Factors of production
Renewable and nonrenewable resources
Basic economic questions
Trade-offs
Opportunity costs
Traditional, command and market economies
Microeconomics
Macroeconomics
Ceteris paribus
Purposes of money
Kinds of money
Currency
Legal tender
Fiat money
Draw and identify point on a production possibilities curve
Describe the principles of the U.S. Economic system
Draw and label the circular flow of money, goods and services
Define GDP
Explain C+I+G=GDP
Explain the role of prices in the economy
Explain the nation’s economic goals
Discuss the advantages and disadvantages of the market system
Honors:
Calculate the opportunity cost for both inputs and outputs
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