BUSINESS HIGH SCHOOL-ECONOMICS

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BUSINESSHIGH SCHOOL-ECONOMICS
Explanation
Analysis
Scope of Economics
Description
Scarcity
Fundamental Economic Concepts Unit 1 (Chapter
1, 2, 3)
Needs and Wants
Prediction
Factors of Production
Three Basic Economics Questions

• Essential Learning Expectations
• Understand the fundamental economic problem.
• Discuss the three basic economic questions of a
  society.
• Differentiate among the different types of
  economic systems.
• Explain the difference between economic and
  social goals.
• Discuss the meaning of competition and free
  enterprise.
• Think about the advantages and disadvantages of
  different business organizations.
• Define growth through reinvestment.
• Define growth through merger.

Content Vocabulary Opportunity cost Production
possibilities frontier Cost-benefit
analysis Inflation Profit motive Consumer
sovereignty Non-profit organization Cooperative