Unit 1: Introduction to Economic Concepts
Objectives:
Optional Homework for Unit 1 from the Book
ASSIGNMENT #1
Read pages 8-10; answer section 2; Review on page 10 #'s 1-6
Read pages 11-14; answer section 3; Review on page 14 #'s 1-6
ASSIGNMENT #2
Read pages 23-28; answer section 1; Review on page 28 #'s 1-6
- What is scarcity?
- What is the difference between wants and needs?
- What are the types of resources?
- What are opportunity costs?
- What are tradeoffs?
- What are the basic economic questions which every country must answer?
- What is a production possibilities curve?
- What is the difference between goods and services?
- What are the different ways a country can answer their questions?
- Circular flow of the economy.
- What are the strengths and weaknesses of capitalism?
- What are the strengths and weaknesses of socialism?
- What are the strengths and weaknesses of a traditional economy?
- Why are most economies of the world mixed?
- What are the basic characteristics of each type of economic system?
- Who is Adam Smith and what did he believe?
- Who is Karl Marx and what did he believe?
Optional Homework for Unit 1 from the Book
ASSIGNMENT #1
Read pages 8-10; answer section 2; Review on page 10 #'s 1-6
Read pages 11-14; answer section 3; Review on page 14 #'s 1-6
ASSIGNMENT #2
Read pages 23-28; answer section 1; Review on page 28 #'s 1-6