1. Mr. Kallusingh

2.  Is the fact that society does not have enough resources to provide everyone’s wants  What is a need vs. a want?

3.  Trade-offs is the reality that a person has more than one choice. Jeans, MP3 player, Concert.  Opportunity Cost is comparing your options to the next best alternative and that can include money, time, or resources. Do I take another math class or work experience?

4.  This concept is based on a group of markets. Factor market is how people make their money and the product market is where they spend their money. 

5.  Land-natural resources not created by humans; like deserts, forest, mineral deposits, sunshine; these quantities are believed to be fixed or limited  Capital-can be tools, equipment, machines, factories, or capital goods; can also be money or financial capital; capital can be used multiple times John Deere lawnmower is a capital good for them and the landscaping company

6.  Labor-the efforts, abilities, and skills of people; this can change over time due to growth, immigration, famine, war, and disease  Entrepreneurs-individual that does something new with existing resources; driving force behind the economy as they start businesses or bring new products; they combine land, labor, and capital into new products

7.  A rational choice is taking the things with greater value and giving up those with lesser value  What is needed to make good economic choices?  Who makes the choice?  Are all choices right or wrong?

8.  Is a model that allows a person or group to figure out it’s max production capabilities. Like a country can choose to produce more guns, but it will have to produce less of another product.