Download Economics Chapter 1

Economics Chapter 1
Essential Questions
1. What is the relationship between scarcity
and economics?
2. What is the difference between
Microeconomics and Macroeconomics?
Give an example of each.
3. What are the responsibilities facing an
entrepreneur?
4. List and describe the four factors of
production.
5. Why are all goods and services scarce?
6. Give an example of a business tradeoffs? An example of a government tradeoff?
7. What is the difference between a tradeoff and opportunity cost?
8. Explain what “Thinking at the margin”
means.
9. Give an example of decision making at
the margin in your own life.
10. What is a production possibilities
curve?
11. What do economists mean by
efficiency and underutilization?
12. What would need to happen in a
business or in a society to make the entire
PPC curve shift outward (shift to the
right)?