Economics SS – 6/25/14

I.  Notebook Work – Copy  the diagrams below

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II.   Quick Section 1-1 Review

A. Discussion

•  Economics Importance

• Need & Wants

• Scarcity- Diagram

• Factors of Production

• Entrepreneur Importance

III. Section 1-1 iLearn Quiz

IV. Section 1-2- Classwork

 

A. Section 1-2 Review Questions below: Q&A

1. Four examples of goods
2. Four examples of services
3. Four examples of durable goods
4. Four examples of non durable goods.
5. Two examples of capital goods – explain.
6. Two examples of consumer goods – explain.
7. Provide an example and describe the Paradox of Value.
8. Explain how value is determined. – Two factors
9. Provide an example of the division of labor
10. Provide an example of specialization
11. Explain why economic interdependence exists.

B.  Questions 2-7

C.  2-1 Guided Reading

 V. . Notebook Work

• Copy & Label Figure 1-3 P15

VI. Section 1-2 Flash Card Review

  A. Section 1-2 Quiz on iLearn

VII. Section 3-1- Classwork

A. Copy the Schedule Below

• Label and plot the Production Possibility Frontier Curve
• Write & Answer the two questions below

1. Describe 3 situations which would cause production to be inside of the curve.
2. Describe 3 situations which would cause production to be outside the curve.

Military Goods (Guns)	5000	4800	4500	4000	3300	2000	0
Consumer Goods (Butter)	0	1000	2000	3000	4000	5000	6000

VIII. . Notebook Work- Copy diagram

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