Unit 1-Scarcity & Economic Systems

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

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

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

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Crash Course Econ Video

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.