Transcript Target #1 - InforMNs

Unit 1 Targets
Target #1
Be able to explain what economics
is and what economic system we
have in the United States.
Target #2
Be able to explain what scarcity is
and how it impacts society.
Target #3
Be able to identify the difference
between a need and a want
Target #4
Be able to identify the difference
between a trade-off and
opportunity cost.
Target #5
Be able to use a cost benefit
analysis to make a decision and
identify why it is important.
Target #6
Be able to identify the 4 factors of
production and give an example of
each.
Target #7
Be able to identify GDP and why it
is important.
Target #8
Be able to identify the economic
sectors and how money, resources,
goods, and services flow among
the sectors?
Target #9
Be able to identify what we do to
help increase production to help
the economy grow.
Target #10
Be able to identify and describe the
6 features of capitalism.
Target #11
Be able to identify who helped
create capitalism and his views on
people and work.
Target #12
Be able to define laissez-faire
economics and how it affects
governments role.