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Bell-Ringer 1-26-09. Complete #1 on page 7. Number your definitions (18). Bell-Ringer 1-27-09. Use the Chart to provide examples of various natural resources, human resources, and capital resources Chapter 1; Section 1 pages 3-7. Bell-Ringer 1-28-09. What is Economics?

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Presentation Transcript
slide1

Bell-Ringer 1-26-09

  • Complete #1 on page 7. Number your definitions (18)
slide2

Bell-Ringer 1-27-09

  • Use the Chart to provide examples of various natural resources, human resources, and capital resources
  • Chapter 1; Section 1 pages 3-7
slide3

Bell-Ringer 1-28-09

  • What is Economics?
  • What are the factors of production?
  • What is the goal of entrepreneurship?
  • Chp 1; Sect 1
slide4

Bell-Ringer 1-29-09

  • 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
slide5

Bell-Ringer 1-30-09

  • What is opportunity cost?
  • What is the Production Possibility Curve?
  • Chapter 1; Section 3
slide6

Bell-Ringer 2-2-09

  • 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
slide7

Bell-Ringer 2-3-09

  • 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)
slide8

Bell-Ringer 2-4-09

  • What are the three functions of money? Page 16
  • What is value? (17)
  • What is utility? (17)
slide9

Bell-Ringer 2-9-09

  • 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
slide10

Bell-Ringer 2-11-09

  • 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)
slide11

Bell-Ringer 2-17-09

  • Complete # 2 “Identifying Concepts” page 40
slide12

Bell-Ringer 2-18-09

  • How do nations decide how to use scarce resources?
  • Why do economic goals sometimes conflict?
  • Chp 2; Sect 3
bell ringer 2 23 09
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
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
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 3

Page 63-68

bell ringer 2 27 09
Bell – Ringer 2 – 27 - 09
  • What is the difference between supply and quantity supplied?
  • What does the law of supply sate?
  • What do supply schedules and supply curves illustrate?
  • What is supply elasticity?

Chapter 4 section 1

page 73-78