Unit 1 Test Prep

When is the Test?? – February 29th

What happens if I am not there?! – Excused Absences will take the exam upon their return to school. Unexcused Absences can take the test, but it will be LATE! That’s 60% credit!

What do I need to know?!

  1. Identify the factors of production for a common product
  2. Explain Scarcity and why it’s the biggest problem in Economics
    1. Ch 1-2 Slides
  3. Compare the differences between Economic goals of command and market economies
    1. Types of Economic Systems
    2. Ch. 3 in textbook (6 economic goals)
  4. Draw a PPF and understand its components
    1. PPF breakdown Video
  5. Identify which Economic Principles explain the seemingly irrational behavior in economic enigmas
    1. Ch.1 in Textbook (7 Principles of Economics)
    2. Rational Maximizers Video
  6. Determine absolute and comparative advantage between two firms and recommend a trade that is mutually beneficial.
    1. Ch. 4 in your Textbook
    2. Opportunity Costs
    3. Key: Specialize and Trade!!!

BONUS POINT: WRITE THE PHRASE “Incentives Matter” at the very top of your test for a bonus point. MORE incentive to use the website!!!

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Unit 1 Test Prep

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