•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