KNOW Economics Scarcity Opportunity Cost Utility Marginal Analysis Microeconomics Macroeconomics Positive Economics Normative Economics Factors Of Production Land - Natural Resources Labor - Human Resources/ Workers Capital- Tools or skills used to produce goods and services Entrepreneurship - Someone who puts the FOP together to build a business Consumer Goods Capital Goods Production Possibilities Curve Law of Increasing Opportunity CostsBE ABLE TO . . . *Understand and explain the fundamental economic problem (Scarcity). *What are the three basic economic decisions every society must decide

due to the changes the federal reserve is making the unused reserves will impact the economy by them facing inflation. inflation is definfed as the increase in pricing of a good or service but the decline of the value of money used for purchasing those items. when the economy has a high inflation rate, they are subject to money loss and hurt on the economy.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

answer decisions made by individual households and firms;