Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
Economics Test #1
1. 15 Matching 2. 10 true/false
3. 25 multiple choice
Things to study
1. 3 worksheets
2. Crossword
3. Chapter Summary on page 25 (last page of green packet)
4. Smart Board Review Slides page 25
(they are online)
Test Overview
1
Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
capital
land
labor
1. The four factors of production include: _______, ________, __________ , and entrepreneurship
_____________________. goods
services
2. The economy of a nation includes all the production of ________ and ___________ .
technology
3. New and better ways of production can come through advances in _____________ . scarcity
4. People must constantly make economic choices due to ___________ .
shortages
5. Some goods or services may be temporarily unavailable due to _____________ .
economic models
6. ______________________ are useful for showing how people will respond to changes in the economy.
judgements
7. Models can be helpful in making predictions but can not make ______________ about specific policies.
values
productivity
wants
Review Slide 1
2
Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
Review Slide 2
3
Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
Review Slide 3
4
Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
Examples of Economic Models: Unemployment vs. Minimum Wage
Economic Models
5
Economics ­ Chapter 1 ­­ Chapter Review.notebook
September 07, 2015
Review Slide 4
6