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AGENDA

Guest speaker-Ms. Rusnack from the Art Institutes Pick up a study guide-on table –start on pg. 1 and 2 Check pg. 1 and 2 Work in pairs on pg. 3 +. AGENDA. ECONOMICS Final-vocabulary review. UNIT 1 Basic Economic Concepts.

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AGENDA

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  1. Guest speaker-Ms. Rusnack from the Art Institutes Pick up a study guide-on table –start on pg. 1 and 2 Check pg. 1 and 2 Work in pairs on pg. 3 + AGENDA

  2. ECONOMICSFinal-vocabulary review

  3. UNIT 1Basic Economic Concepts

  4. The economic system where there is private ownership, consumer sovereignty, and minimal government involvement Free-market economy

  5. Things that excite or motivate people to change their economic behavior Incentives

  6. What is given up in order to get something Opportunity cost

  7. The most common type of economic system—combining free-market and command economies Mixed-market economy

  8. Things that can be grown or manufactured, then bought or sold Goods

  9. The using (up) of goods and services Consumption

  10. A limited supply of resources in comparison to unlimited wants and needs—it forces trade-offs Scarcity

  11. Selecting an item or action from a set of alternatives Choice

  12. Something a person or business does for someone else in exchange for money or value Service

  13. The degree of availability of an item or service—how much there is available to consume Supply

  14. Things required for survival—food, water, shelter, etc. Needs

  15. Provided by nature, such as raw materials, land, or air Natural resources

  16. Rivalry between producers or sellers, resulting in a better quality good/service and/or lower price Competition

  17. Effort or work of producers; labor Human resources

  18. Things consumers would like to have such as cars, TV’s, and jewelry Wants

  19. The three basic questions any society/economy must ask— 1. What will be produced (and how much)? Who will produce it? For whom will it be produced?

  20. The three kinds of resources within the factors of production— 1. Human resources Natural resources Capital resources

  21. Who are the business owners and risk takers that combine resources needed for production? Entrepreneurs

  22. Traditional economy Basic economic questions answered by history/tradition Command economy • Basic economic questions answered by the government • Government owns all factors of production • No consumer choice Free Market economy • Basic economic questions answered by consumers/producers • Private property ownership • Minimal government control Mixed Market economy • Free market economy with a government making decision for public sector, businesses/consumers making decisions for private sector

  23. UNIT IIThe Market Economy

  24. The quantity of a good or service that consumers are willing and able to buy at various prices Demand

  25. The quantity of a good or service that producers are willing and able to offer for sale at various prices Supply

  26. An economic law stating that as prices of a good or service increases, the quantity demanded decreases ( and vice versa). Law of Demand

  27. An economic law stating that as prices of a good or service increases, the quantity supplied increases ( and vice versa). Law of Supply

  28. A product that satisfies the same basic want as another product—Coke or Pepsi. Substitute good

  29. A product that is used or consumed jointly with another product—PB & J. Complimentary good

  30. The measure of the degree of change in quantity demanded or supplied in response to change in price. Elasticity

  31. A minimum price set by the government to prevent prices from going too low. Price floor

  32. A maximum price set by the government to prevent prices from going too high. Price ceiling

  33. What is given up by adding one more unit to an activity. Marginal cost

  34. What is gained by adding one more unit to an activity. Marginal benefit

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