1. Study Guide Unit 1 – Introduction to Economics
Terms/ Concepts:
1. Economics (macro and micro)
2. Three basic economic questions
3. Scarcity
4. Economic Systems
5. Factors of Production
6. Want
7. Need
8. Barter
9. Opportunity Cost
10. Law of Demand
11. Law of Supply
12. Supply
13. Demand
14. Service
15. Good
16. Fixed Cost
17. Variable Costs
18. Consumer Sovereignty
19. Flow Model
20. Substitute Goods
21. Complementary Goods
Essential Questions:
1. What is the study of Economics?
2. What are the roles of producers and consumers in the three economic systems?
3. What is the circular flow model?
4. What is demand and supply?
5. What is scarcity?
6. How does scarcity influence consumer sovereignty?