complete #1 on page 7. number your definitions (18)

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

• 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

• What is Economics?• What are the

factors of production?

• What is the goal of entrepreneurship?

• Chp 1; Sect 1

• 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

• What is opportunity cost?

• What is the Production Possibility Curve?

• Chapter 1; Section 3

• 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

• 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)

•What are the three functions of money? Page 16

•What is value? (17)

•What is utility? (17)

• 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

• 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)

• Complete # 2 “Identifying Concepts” page 40

• How do nations decide how to use scarce resources?

• Why do economic goals sometimes conflict?

• Chp 2; Sect 3

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

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

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 3Page 63-68

Bell – Ringer 3 – 4 - 09

• Review section 1

Finding the main idea

Number 3

Chapter 4 section 1

page 78

Bell Ringer 3-5-09• What lists each quantity of a product

that producers are willing to supply at various market prices?

• The degree to which changes in price affect quantity supplied is represented by what?

• What situation exists when a change in a good’s price has little effect on the quantity supplied?

See pages 73 - 78

Bell – Ringer 3 – 2 - 09

• What does it mean for a product’s supply to shift?

• What determinants might cause a product’s supply curve to shift?

• How does a tax differ from a subsidy?

Chapter 4 section 2

Pages 79 - 85

Bell Ringer 3 – 6 – 09

• List the tools available to the government that can cause the supply curve to shift to the left or the right.

• List six determinants of supply.

• What does competition do to the supply curve?

• An increase in supply causes the supply curve to shift in which direction?

Bell Ringer 3 – 9 - 09

• The productivity levels are influenced by what major factors, list a few.

• What does the law of diminishing returns represent?

• List some of the costs of production.

Chapter 4 sec. 3

Bell Ringer 3 – 11 - 09

• What is another name for total product?

• Production levels are influenced by what two factors?

• What is another name for total output?

Chapter 4 Sec. 3

Bell Ringer 3 – 10 - 09

• When a small change in a good’s price results in a major change in quantity supplied, the supply is said to be what?

• Strict government regulations are said to do what to supply?

Chapter 4 all sections

Bell Ringer 3 – 12 - 09

• Study for your test

• Pass your test

• Do the section 1 review #1 identify & explain, for homework to be stamped on Friday the 13th.

Bell Ringer 3 – 13 - 09

• Name 5 benefits of the price system.

• List 3 limitations of the price system.

• What is the definition of a market failure?

• What is the definition of negative externality?

See P.P. 5.1 & chapter 5 sec.1

Bell Ringer 3 – 16 - 09

• What is a market surplus, and what does this warrant producers to do as a result?

• What is a market shortage, and what must happen to reach equilibrium?

• What does it mean for a market to be in a state of equilibrium?

Chapter 5 sec. 2