1. Define and give an example of a natural resource, human resource, and capital resources. Pages 4-5

2. Copy the chart and provide three examples of these resources NATURAL RESOURCES HUMAN RESOURCES CAPITAL RESOURCES

3. Why is scarcity a basic problem of economics? (page8) What are the THREE basic economic questions on how to allocate resources effectively, that a society must address? (page 9)

4. What are the three economic choices? Page 11. Using Figure 1.2 on page 11 answer the following questions: “Based on the decision-making grid, what is his best choice for a Friday-night activity? What are the trade-offs? What is the opportunity cost?

5. What are the three forms of exchange? Pages 15-16 What are the three functions of money? Page 16

6. What are the two parts of the circular flow model and explain those two parts. Pages 34-35

7. Why is scarcity a basic problem of economics? (page 8) What does the Production Possibility Curve represent? (page 12) What is interdependence and why might interdependence lead to increased economic efficiency? (page 18)

8. List and explain the three economic concepts that help explain the law of demand. Pages 52-54

9. What does it represent if the demand curve shifts to the left or if it shifts to the right? Page 56 What are the five determinants of demand? (page 57)

10. When looking a flour, if you take a wide- angle shot is flour elastic or inelastic and why? If you take a close-up shot is flour elastic or inelastic and why? Page65-66

11. What is the law of supply? (page 73) When do businesses make a profit? (page 74)

12. List the six determinants of supply. (page 79-80

13. What is a fixed cost, variable cost, total cost, and marginal cost? Pages 91-92

14. List the advantages and disadvantages of sole proprietorships. Pages 145 & 147

15. List the advantages and disadvantages of having a partnership. Pages 150 and 152

16. WHAT IS THE DIFFERENCE BETWEEN A SOLE PROPRIETORSHIP AND A PARTNER SHIP? WHAT IS COLLATERAL? Page 149 What is Liability? Page 147

17. What is the difference between a stock and a corporate bond? Page 155

18. What is a horizontal combination? Page 159 What is a vertical combination? Pages 159-160 What is a conglomerate combination? Page 160

19. What are the six factors that affect a worker’s job choice? Page169

20. How does the Federal Government affect labor? Page 173-176

21. What is the definition of a labor union? (page 177) What did the novel, The Jungle, by Upton Sinclair describe? (page 177)

22. List and explain the five labor contract issues. (pages 184-186)

23. Copy the Graphic Organizer in your notebook. Use it to list the major types of unemployment and give an example of each Pages 252-256 Types of Unemployment