Economics Chapter 1 VOCABULARY ACTIVITY ECON CHAPTER 1

Economics Chapter 1 VOCABULARY ACTIVITY

ECON CHAPTER 1 VOCAB ACTIVITY ● ● ● ● This activity is going to help us work through our vocab for chapter 1 more. First, everyone take out a sheet of paper and create three sections on your paper (either three columns or three horizontal sections). ○ Scrap paper is fine. ○ Pencil/pen - whatever utensil you prefer. Number your sections: 1 -6, 2 -6, 3 -5 Again, this activity is going to help us work through the Chapter 1 vocabulary in a more visual format. Instructions: ○ I am going to show you some slide that include several pictures which represent the economic vocabulary terms from Chapter 1. ○ Each slide corresponds to one full column on your vocab sheet, in order to provide a word bank for you to use. Use the first column of vocab terms as the word bank for the first slide, the second column words for the second slide, and the third column for third slide. ○ On your paper, write the necessary vocabulary term for each image. ○ We will review the answers after each slide. ○ I know some of these are abstract, do your best to start with the ones that are obvious to you and see what you have left to work with. Who can tell me what terms any of these images represent? Was this helpful? Did it help to clarify some terms for you? Did it make anything more confusing? How many people would like a hard copy of the images for studying? If so, come check in with me before you leave and I will give you a copy.

ECON CHAPTER 1 VOCAB ACTIVITY - PAGE 1 1. 2. 3. 4. 5. 6.

ECON CHPT 1 VOCAB PG 1: ANSWERS 1. ECONOMICS 2. SHORTAGE 3. FACTORS OF PRODUCTION 4. HUMAN CAPITAL 5. PHYSICAL CAPITAL 6. SCARCITY

ECON CHAPTER 1 VOCAB ACTIVITY - PAGE 2 1. 2. 3. 4. 5. 6.

ECON CHPT 1 VOCAB PG 2: ANSWERS 1. PROD. POSS. FRONTIER 2. THINKING AT THE MARGIN 3. OPPORTUNITY COST 4. PROD. POSS. GRAPH 5. GUNS OR BUTTER 6. ENTREPRENEUR

ECON CHAPTER 1 VOCAB ACTIVITY - PAGE 3 1. 2. 3. 4. 5.

ECON CHPT 1 VOCAB PG 3: ANSWERS 1. UNDERUTILIZATION 2. EFFICIENCY 4. TRADE OFFS 5. COST 3. LAW OF INCREASING COSTS