2.  Define economics  The two divisions of economics  List/define/give examples of the Factors of Production  Define/give examples of needs and wants  Define Scarcity  Define Shortage

3.  Explain the difference between scarcity and shortage  Define/give examples of goods.  Define/give examples of services.  Opportunity cost, define and give example  Trade-off, define  What is the Economy

4.  The types of economic systems  Standard of living  Define Market  Be able to interpret information on a Production Possibilities Frontier/Curve  Define absolute advantage  Define comparative advantage  Be able to figure out both absolute and comparative advantage

5.  Interpret a circular flow model  List the principles of Economics (10 point bonus)