1. Econ Topic 1 Review

2. Needs

3. Wants

4. Label the Factors of Production

5. Combined resources to create new products
Factors of Production
Land, Labor, Capital, (& Entrepreneur)
Combined resources to create new products
Human Capital
Physical Capital

6. Which Items are Scarce? (In terms of economics)

7. Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.

8. What is the marginal cost of the 3rd hour of study?

9. Circle a point that is inefficient, underutilization

10. Mark point C, as a point that is not possible under the current situation

11. Show what would happen to the PPF if the economy grows

12. Show what would happen to the PPF if the economy shrinks

13. Graph that shows alternative ways an economy can use resources
PPF
Graph that shows alternative ways an economy can use resources

14. Graph that shows alternative ways an economy can use resources
PPF
Graph that shows alternative ways an economy can use resources

16. What is the opportunity cost of producing the 15th shoe?

17. Make your own Decision Making at the Margin chart