(STUDENTS.ARE RESPONSIBLE FOR-ALL-MATERIAL)1 1- Explain (and understand) the economic problem of scarcity.-What is-scarce in our-economy?" 2.- What is the basic definition of economics?1 3.- Explain (and-understand]-the concept of opportunity cost. What is an example of opportunity cost? 1 4.-What is a production possibilities curve and what does it show?-(Be able to read one). 1 5.- What are the three-basic economic-questions societies have to answer when allocating scarce resources? 1 6.- Be able to explain each of the factors of production needed for industry-to-thrive. " 7.- What is an entrepreneur?-What risk do they take?" 8.-What is the difference between a want and a need?1 9.-What is-the difference between-value and utility?" 10.+What is the difference-between's goods and-a-service?'1 11.What is the difference between a consumer and a producer?" 12.*What is wealth 1 13.,What does-GDP-stand for and -what is-it? 1