Chapter 3: Economic Activity In Changing Word
Economic indicator: indicate if the economy is in a
good stage or bad stage.
6 economic indicators:
1. GDP: The total value of goods and services produced
in a given year, measured by the sum of food and
Economic Activity in a
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Why Its Important
Economic activity affects everyday
life. The history of the economy affects
industries and people of today and
Introduction to Busine
Chapter 2: Economic Resources And Systems
Scarcity: unlimited wants and limited resources lead
to each society facing the biggest economic problem.
Factors of production: all economic resources to
produce a societies good and services
4 factors of prod
4.3: cycling of matter
Water, oxygen, nitrogen, carbon, and phosphorus
should be cycled in nature in order to support life.
Why do we need water?
To obtain energy
Water cycle: the continuous movement of water from
the ocean, to the atmosphere, to the la
After completing this chapter, youll be
1. Define scarcity.
2. List the four factors of production.
Introduction to Business, Economic Resources and Syste
Active transport: requires energy to move substances
against their concentration gradient.
Movement of large Movement of large
1.2: Scientific Method
1. Explain how scientific investigation began
2. Identify and describe the steps of scientific method
3. Explain what scientists do in order to test their
4. Differentiate between the 3 types of variables in a
Chapter 1: A Look At Wants And Needs.
Need: is something we need in life to live like water
Want: is something we dont need but make life more
fun like mp3
Private want: things you want for yourself like a car
Public want: things for the whole society
Population: a group of organisms of the same species
living in the same area
Understanding population growth is important because
populations of different species interact and affect one
another, including human population.
8.2: Cell Transport
Cell transport: Is the movement of particles into and out of
the cell across the cell membrane.
Equilibrium: is when the number of a certain type of particles
is equal between the inside and outside of the cell
Chapter 4: Business Ethics And Social Responsibility
Ethics: moral principle by which people judge their
actions personally, socially, and professionally (if it
was right or wrong)
Business ethics: rules based on moral principle about
how business and e
12.1: gross domestic product and other
Microeconomics: study of the behavior of small units of the economy
(ex: price of milk)
Macroeconomics: study the behavior of the economy (ex:
Goals of macroeconomics:
1. Stable price