1. Page 34 Q’s 1-8 – You do not have to copy the questions, just answer them in complete sentences Be prepared to show me your notebook – 50 Points

2. Review Time!

3. Which of the following fulfills a need? A. video Games B. Food C. Jewelry D. Movie Tickets B. Food

4. The study of how people choose to use scarce resources to satisfy their desires economics

5. The ongoing problem of not having enough resources to meet unlimited human wants Scarcity

6. Physical products that can be purchased Good

7. The human time, effort, and talent that go into the making of products labor

8. The office space and copy machines used at a copy store is which of the 4 factors of production? Capital

9. Benefits offered to encourage people to act in certain ways are incentives

10. The alternative you give up when you make an economic choice Trade-off

11. The benefit or satisfaction gained from the use of a good or service Utility

12. A cost-benefit analysis is often organized by using a _________ grid Decision making grid

13. The value of what you give up by choosing one alternative over another Opportunity cost

14. Simplified representations of complex economic activities are called economic ___________ models

15. The condition in which economic resources are not being used to their full potential Underutilization

16. Production Possibilities at Posters, Inc. Poster boards Foam boards 1,0000 800250 600500 400750 2001,000 01,250 400 Poster boards What is the opportunity cost of producing 500 Foam boards?

17. Production Possibilities at Posters, Inc. Poster boards Foam boards 1,0000 800250 600500 400750 2001,000 01,250 Efficiency If Posters, Inc. were to produce 600 Poster boards and 500 Foam boards, it would mean that they were practicing ___________________.

18. Numerical data or information statistics

19. Studies economic behavior as it is Positive economics

20. What kind of graph shows statistical changes over time? Line graph

21. involves judgment of what economic behavior should be Normative economics

22. Study of the behavior of individuals in an economy microeconomics

23. Study of the behavior of the economic as a whole Macroeconomics

24. According to Adam Smith, it’s as if there were a(n) __________ guiding the free market Invisible hand