Monday, January 10, 2011

TEST: Basic Economic Principles: January 18

Review Study Guide
Short Answer
115 Points

Economics
Study Guide
Terms to Know

  1. microeconomics
  2. macroeconomics
  3. capital good
  4. want versus need
  5. scarcity
  6. Four Basic Factors of Production
    1. land
    2. labor
    3. capital
    4. entreprenurship
  7. specialization
  8. division of labor
  9. opportunity cost
  10. opportunity benefit
  11. absolute advantage
  12. comparative advantage
  13. Three basic questions due to scarcity
  14. value
  15. paradox of value
  16. utility
  17. wealth
  18. production possibilities curve
  19. efficiency
  20. incentive

Friday, January 7, 2011

Blood Diamond Essay - 100 Points

Essay/Summary:   Due Tuesday 1-1/2 pages

After viewing the video, “Blood Diamond”, write a summary/explanation of the video using the following economic terms;

-         Land                                      
-         Labor                                                                 
-         Capital                                                                
-         Entrepreneurship                                     
-         paradox of value
    - wants                               
    - opportunity cost
     - needs 
     - wealth
     - scarcity
     - utility
     - limited resources
     - comparative advantage

Your essay should be logical and clear enough so that the reader understands the context of the movie based on the economic terms above. Give examples and background information (contextualize) for each term. Use your notes and our discussions in class to help you.