1. Chp 1, Sect 1 What are the factors of production? What is the goal of entrepreneurship?

2. What do you think the quote given by Coretta Scott King means? When Coretta Scott King was growing up what challenges did she and other African Americans face?

3. What is scarcity? 1.2 Name the four factors of production. 1.1

4. What are the difficulties associated with bartering? Why is true self- sufficiency rare? Answers in 1.4

5. Why and how was Emmett Till killed? Why were J.W. Milam and Roy Bryant not afraid of confessing to the murder in the Look Magazine article? How does this make you feel?

7. What is a traditional, command, and market economy?

8. What is Authoritarian Socialism, Capitalism, and Democratic Socialism? Use your notes from yesterday or 2.2

9. What is standard of living and how does it improve?

10. What is the difference between demand and quantity demanded? (51)

11. Using the example of FLOUR how is the demand for flour different in a small market compared to a large market? (65- 66)

12. Besides for PRICE what are the determinants of demand? (56-57) What is elastic demand? (63) What are the 3 determinants that make a good elastic? (63)

13. Explain what depreciation is and why it happens. (91)

14. What does the free- enterprise economy rely on to answer the economic questions of What, How, and For Whom? (97) What is the Price System? (97)

15. What is elasticity of supply? (76-77) What is inelasticity of supply? (76-77)

16. What is an externality? (101) Using the book, give an example of a positive and negative externality.(101)

17. What happens when government manages prices? (109-110) Why might a government set a price floor on one good and a price ceiling on another good? (108-109)

18. Explain how the four conditions on page 117 need to be present to have an economy with perfect competition.

19. What is market equilibrium? 103 What are public goods and how can they be considered market failures? 101-102

20. What are the three parts that make a market an oligopoly? Tell us why it can be difficult to enter a market in an oligopoly.

21. Explain what natural, technological, geographic, and government monopolies are. (127- 129)