Table of Contents P 1 — 11 a

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Table of Contents P. 1 - 11 a Vocabulary P. 2 - 11 a. Vocabulary Worksheet P. 3 - 11 a. Vocabulary and Notes P. 4 - 11 a. Content Quiz

Vocabulary n n n n Economy- A system for producing and distributing goods and services to fulfill peoples wants. Resources- the factors of production, land labor, and capital used in the production of goods. Production- to make goods Opportunity Cost- What is given up when a choice is made- the highest valued alternative forgone. Price- The amount of money exchanged for goods and services. Incentive- things that motivate Supply- the amount of a good/service that producers are willing to sell at a certain price. Demand- The amount of a good/service that buyers are willing to buy at a certain price. Consumption- using good/services Distribution- making goods/services available for consumption Entrepreneur- someone who takes risk and starts a business Capital- anything that is used to produce a good/service. (tools, factories) Scarcity- the inability to satisfy all wants at the same time.

Vocabulary Quiz n n n n _____- A system for producing and distributing goods and services to fulfill peoples wants. _____- the factors of production, land labor, and capital used in the production of goods. _____- to make goods _____- What is given up when a choice is made- the highest valued alternative forgone. _____- The amount of money exchanged for goods and services. _____- things that motivate _____- the amount of a good/service that producers are willing to sell at a certain price. _____- The amount of a good/service that buyers are willing to buy at a certain price. _____- using good/services _____- making goods/services available for consumption _____- someone who takes risk and starts a business _____- anything that is used to produce a good/service. (tools, factories) _____- the inability to satisfy all wants at the same time.

Assignment n n n Pg 292 in textbook #’s 2 -5 Write Questions and Answers

Vocabulary Worksheet n n n n 1. Walmart trucks bringing PSP’s to stores is an example of ______. 2. If Harold started a business, he would be a _______. 3. The _____ of gas has risen $2. 00 from last year. 4. Trees used to make paper is an example of _______. 5. Mr. Jenkins had to make a ______ between playing poker or watching basketball. 6. The planet Earth is running out of ______ that are used to produce goods. 7. Bevis gave up playing football in order to get a job because he wanted to make money. This is an example of ______.

Vocabulary Worksheet Cont. n n n n 8. America’s _____ is the most stable in the world. 9. If we drink a glass of milk, we used milk for ______. 10. If Mr. Jenkins gave every student $100 for everyday they did their homework, this is an example of _______. 11. The ____ for a Lamborghini went down because the price was to high. 12. The ____ for the new Gudda CD has increased because producers have raised the price. 13. Because of the problem of _______, it is impossible for everyone in the world to have a pair of Jordans. 14. The ______ of a computer takes a long time because of the materials involved.

Notes n n n Supply - When the price of an item goes up, the supply increases (goes up) - When the price of an item goes down, the supply decreases (goes down) Demand - When the price of an item goes up, the demand goes down (decrease) - When the price of an item goes down, the demand goes up (increases) Market Price Where buyers and sellers agree to trade

11 a Notes Continued n n n Price is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. Incentives are things that incite or motivate. Incentives are used to change economic behavior. Supply and demand: Interaction of supply and demand determines price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing and able to sell at a certain price.

11 a Continued n n Production is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Consumption is the using of goods and services. Consumer preferences and price determine what is purchased and consumed.

11 a Notes n n Scarcity is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. Choice is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. Opportunity cost is what is given up when a choice is made—i. e. , the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice.

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