Need to Know Chapters 2 & 3
1.)Know all vocabulary (scarcity, natural resources, labor resources, capital resources, entrepreneur, economics, price, supply, demand, and command economy)
2.)Know if resources are the things necessary for making only what people need.
3.)Know if every type of business needs labor resources to produce goods and provide services
4.)Know what the two basic types of economic systems are
5.)Know how many shifts the U.S. economy has faced
6.)Know what the shifts are and when they occurred
7.)Know what an important measure of economic strength is
8.)Know what shapes the U.S. economy
9.)Know the factors of production and examples of them
10.)Know characteristics of a market economy and a command economy
11.)Know the type of economy most nations have
12.)Know what economic indicators measure
13.)Know characteristics of prosperity, recession, depression, and recovery
14.)Know what helped in the recovery of the Great Depression
15.)Know that the point at which quantity demanded and quantity supplied meet.
16.)Know what figures used to measure economic performance is.
17.)Know what a government has when its revenue exceeds its expenditures during a one-year period.
Need to Know Chapters 2 & 3
1.)Know all vocabulary(scarcity, natural resources, labor resources, capital resources, entrepreneur, economics, price, supply, demand, and command economy)
2.)Know if resources are the things necessary for making only what people need.
3.)Know if every type of business needs labor resources to produce goods and provide services
4.)Know what the two basic types of economic systems are
5.)Know how many shifts the U.S. economy has faced
6.)Know what the shifts are and when they occurred
7.)Know what an important measure of economic strength is
8.)Know what shapes the U.S. economy
9.)Know the factors of production and examples of them
10.)Know characteristics of a market economy and a command economy
11.)Know the type of economy most nations have
12.)Know what economic indicators measure
13.)Know characteristics of prosperity, recession, depression, and recovery
14.)Know what helped in the recovery of the Great Depression
15.)Know that the point at which quantity demanded and quantity supplied meet.
16.)Know what figures used to measure economic performance is.
17.)Know what a government has when its revenue exceeds its expenditures during a one-year period.
Need to Know Chapters 2 & 3
1.)Know all vocabulary
2.)Know if resources are the things necessary for making only what people need. Answer: Yes
3.)Know if every type of business needs labor resources to produce goods and provide services Answer: No
4.)Know what the two basic types of economic systems are. Answer: Market and Command
5.)Know how many shifts the U.S. economy has faced. Answer: 4
6.)Know what the shifts are and when they occurred. Answer: Service based (1600), agricultural based (1700), industrial based (1850), and information based (1900)
7.)Know what an important measure of economic strength is. Answer:Rate of inflation
8.)Know what shapes the U.S. economy. Answer: A mix of public and private forces
9.)Know the factors of production and examples of them. Answer: Natural, Labor, Capital, Entrepreneurial
10.)Know characteristics of a market economy and a command economy. Answer:
11.)Know the type of economy most nations have. Answer: Mixed Economy
12.)Know what economic indicators measure. Answer: how much a country is providing, whether its economy is growing, and how the country compares to others
13.)Know characteristics of prosperity, recession, depression, and recovery. Answer:
14.)Know what helped in the recovery of the Great Depression. Answer: World War II
15.)Know that the point at which quantity demanded and quantity supplied meet. Answer: Equilibrium Price
16.)Know what figures used to measure economic performance is. Answer: Economic Indicators
17.)Know what a government has when its revenue exceeds its expenditures during a one-year period. Answer: Budget Surplus