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

Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.