Unit 9: Economics – Part I Unit Vocabulary: SOL’s & Essential Knowledge: 1. economics 2. needs 3. wants 4. scarcity 5. opportunity cost 6. resources 7. incentives 8. profit 9. entrepreneur 10. goods 11. services 12. supply 13. demand 14. capitalism 15. market economy 16. consumer sovereignty SOL 9.a, 9.b, 9c: Basic Economics Terms & Systems - Describe the meaning of the basic economic terms. - What are the similarities and differences of the 3 types of economic systems? - What type of economic system does the U.S. have? SOL 10.a: Types of Business Ownership - What are the different types of business structures? - What is the role of entrepreneurship in business? SOL 10.b: Economic Flow - Explain the circular flow system. - How do businesses, households, the government and markets interact with each other? SOL 11.a: Marketplace Competition - How does the U.S. government promote and regulate competition in the marketplace? SOL 11.b: Public Goods & Services - What are public goods and services and what types of of services does the government provide? SOL 11e: Consumer & Property Rights - What are our consumer and property rights? - What is the role of the U.S. government in the protection of consumer and property rights?