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