Chapter 1, Lesson 1
Due Date: 8/20/2015
Subject: Economics

Economics Chapter 1, Section 1

Copy and answer the following questions:

1.     What is the basic economic problem facing all societies?

2.     How is need different from want?

3.     What do the letters TINSTAAFL stand for, and what does the term mean to consumers?

4.     What are the three basic questions societies have to answer about the way their resources are used?

5.     What are the four key elements of the study of economics? Explain briefly why each one is important.

6.     What is scarcity in an economic sense?

7.     What is the difference between a consumer good and a capital good?

8.   What kind of economic product is a service?

9   What is a consumer?

10. To what does value refer?

11. What is the paradox of value?

12. What is required for something to have value?

13. What is wealth?, List the four characteristics of the accumulated goods that make up economic wealth.

14. Define GDP



Chapter 2, Lesson 1
Due Date: 8/19/2015
Subject: Economics

Economic activity

Read Chapter 2, Lesson 1 pg. 38 – 46

Make a chart including the following information:

Economic   System


























Turn in chart for a grade!