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Unit 1-Scarcity & Economic Systems

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CH 18-1; 18-1.5; 18-2; 18-3; 19-1; 19-3
SS-HS-3.1.1 & 3.2.1

The United States has a free enterprise system under which consumers and producers make the major economic decisions.  These economic decisions can sometimes have far reaching effects.

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Vocabulary

  • Economics
  • Needs
  • Wants
  • Scarcity
  • Economic Model
  • Economic System
  • Traditional Economy
  • Command Economy
  • Market Economy
  • Mixed Economy
  • Trade-Off
  • Opportunity Cost
  • Marginal Cost
  • Marginal Benefit
  • Cost-Benefit Analysis
  • Capitalism
  • Free Enterprise
  • Incentive
  • Rational Choice
  • Goods
  • Services
  • Factors of Production
  • Natural Resources
  • Labor
  • Capital
  • Entrepreneur
  • Gross Domestic Product
  • Standard of Living
  • Consumer Sovereignty
  • Private Property Rights
  • Competition
  • Profit
  • Profit Motive
  • Voluntary Exchange
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Assignments

CH 18-1 Reading Notes
File Size: 192 kb
File Type: pdf
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CH 18-1 Scarcity Notes
File Size: 22 kb
File Type: pdf
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CH 18-1 Econ Models Notes
File Size: 18 kb
File Type: pdf
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CH 18-1 Quick Study Guide
File Size: 16 kb
File Type: pdf
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CH 18-1 1/2 Reading Notes
File Size: 68 kb
File Type: pdf
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CH 18-1 1/2 Econ Systems Foldable
File Size: 93 kb
File Type: pdf
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CH 18-1 1/2 Foldable Notes
File Size: 32 kb
File Type: pdf
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CH 18-2 Study Guide
File Size: 85 kb
File Type: pdf
Download File

CH 18-3 Reading Notes
File Size: 176 kb
File Type: pdf
Download File

Crash Course Econ Video
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Big Ideas

  • Explain the fundamentals of economics.
  • Describe how to make economic decisions.
  • Contrast differences in the types of economic systems.
  • Discuss how to be an economically smart citizen.
  • Describe the factors of production and the Gross Domestic Product.
  • Explain the features of free enterprise. 

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Updated 9/24/2019
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