Q.O.D.

August 7, 2007

1. What is economics- The study of how people satisfy their needs and wants
2. What is scarcity- Limited resources for unlimited wants

August 8,2007

1. What is an opportunity cost/ The most desirable alternative given up as a result of a decision.
2. What is an entrepreneur? Some on who starts their own business. A person who takes the factors of production and uses them to make a profit?

August 9

1. What is a production possibility curve?

August 13

1. What are the 3 key economic questions?
2. What are the 4 type of economic systems?

August 14-15

1. How are a market economy and a command economy different?

August 16

1. What are the characteristics of a mixed economy?