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Chapter3WorksheetHonors.docx - Name:_ Prd:_ 3.1 Key Terms:...

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Name:________________________Prd:_____________3.1Key Terms:Household- all those wholive together under oneroof are considered part ofthe same householdUtility- people’s level ofsatisfaction, happiness, orsense of well-beingFirm- economic unitformed by a profit-seekingentrepreneurwho combines resources toproduce goods andservices who accepts therisk of profit and lossIndustrial Revolution-thedevelopment of large-scale factory productionKey Concepts:1.Describe three tasks that would probably have been done within most households 100
2.Identify a product that you often buy and use. Describe the steps that are taken to
4.In what ways is working at home on a computer today similar to, and different from, the5.Think of a recent event that took place in a different part of the world that had an

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Term
Spring
Professor
N/A
Tags
Government, Public Good, Market failure, Externality

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