A good way to take notes: Fold your notebook paper to make columns or draw lines and create columns

Topic

Sub Topic/vocab

Details

Like this > Viral Illnesses

Flu Blah, blah, blah

Colds Blah, blah, blah

Blah, blah, blah

Viral pnemonia

Blah, blah, blah

Bacterial illnesses

Term details

https://www.youtube.com/watch?v=EM_p1Az05Jo

Topic: Introduction to Economics Notes

What is

Economics?

A.The study of how people seek to satisfy their needs and wants by making choices

What is Economic

s?

A. The study of how people seek to satisfy their needs and wants by making choices

Why do

choices have to be

made?

B. Scarcity of resources is the basis of economics; the basic economic problem

leads to a shortage of goods and services

The Basics

C.ScarcityPermanent problem we must face with ALL FACTORS OF PRODUCTION

D.ShortageTemporary

situation we can find new /recover FACTORS OF PRODUCTION

Arable Land

Scarce

Drought

Shortage

Housing

Shortage

Potable Water

Scarce

Factors of

Production

E.Land- materials found in nature

Factors of

Production

F. Labor- effort a person devotes to a task AND is paid

G.Capital: human made resources used to produce other goods or services Human Capital: special training that makes you “special” economically

Physical Capital: a good that helps you produce other goods OR services

Technology: advances in the process to make a good or service

Why is this beneficial?

Factors of

Production

Doctor

HUMAN CAPITAL

Farming Equipment

Physical Capital

Factors of Productio

n

H.Entrepreneur(ship): people who take the risk to combine land, labor, and capital to create NEW goods and services

Trade Off(s)

I. all of the alternatives (choices) given when a choice is made. The final decision includes weighing the costs and the benefits of each choice.EX: What are you doing tonight?

Go to the movies

Read a book

Go out to diner

STUDY FOR ECONOMICS QUIZ

Opportunity Cost

J.the BEST or MOST valued alternative that is GIVEN UP when a choice is made

Create the headings ELLC (write out words) and categorize

pine trees a restaurant cook

Les Alexander (Rockets owner)

Nails & hammer teacher chain saw

plastic desk natural gas farmer

rubber

pasture telephone

Nolan Ryan (former Astros Pitcher)

textbook insurance agent

Bill Gates lignite coal robot doctor

computer

oil

Land Labor Capital

Entrep.

What does the study of economics entail?

Eco Lit quiz- Use the Graduation Trip page from Monday