8th+econ+chapter+1

Recalling facts
1. What is the condition that results because wants are unlimited?

2. What is the difference between scarcity and shortages?

3. Your friend says ,"I need some new clothes", under which conditions would this be expressing a need? want?

4. What are four of the five factors of production?

5. What does making a trade off require you to do?

6. What do economist call the next best alternative that had to be given up for the one chosen?

7. In Economics, What is cost?

8. What does a production possibilities curve show?

9. For what purposes do economists use real-world data in building models?

10. An economic theory is another name for what?

11. When does an economist consider an economic model useful? When tested under reality condition.

Thinking Critically
1. Drawing inferences and conclusions: Some people argue that air is not an economic good. Explain why you agree or disagree.

2. Categorizing Information: Choose one of the following; Providing financial advice, Teaching economics, producing a movie. Then list examples of each of the factors of production that went into developing those services.

3. Summarizing information: Why will studying economics not tell you whether a possible solution to a problem is either good or bad economics is us scarcity. Here is the template for a powerpoint comic strip[| templates.ppt]