The document provides an overview of key concepts in economics, including: 1) Economists study how to meet unlimited wants with scarce resources by analyzing trade-offs and opportunity costs. 2) Production possibility frontiers and opportunity costs demonstrate the trade-offs of allocating resources. 3) Different economic systems answer questions about what, how, and for whom to produce in different ways, such as through tradition, government command, or market forces. 4) Supply and demand determine prices in a market economy through the interaction of producers and consumers.

1. Final Review!

5. Production Possibility Frontier Juice

15. Supply Curve Illustrates the Law of Supply

21. Demand Curve

33. Circular Flow of Economic Activity Factor Market Producer Product Market Consumer Goods &Services Land Labor Capital Land, Labor, Capital Goods & Services $ $ $ $ $ $$$$$$$ $ $ $ $ $ $$$$$$$$$

62. The stages of production

66. -3 47 10 Stage 3 Output Decreases -2 50 9 2 52 8 4 50 7 6 46 6 Stage 2 Total Output Slows 8 40 5 11 32 4 9 21 3 7 12 2 5 5 1 Stage 1 Total Output Rises 0 0 0 Stage of Production Marginal Product Total Product # of Workers

67. The Business Cycle