This document provides an overview of key concepts in economics, including: 1. Economics is the study of how societies use scarce resources to satisfy unlimited wants. It includes microeconomics and macroeconomics. 2. Economic decision makers are consumers, who buy goods and services, and producers, who make goods and services. Goods are physical objects and services are actions. 3. Economic resources include natural resources, human resources, capital resources, and entrepreneurship. All resources are scarce but wants are unlimited, so societies must allocate resources efficiently.

1. Unit: Understanding Economics Essential Questions: 1. What do economists study and how does the economy affect society? 2. How can we distinguish between the four main types of economic systems? 3. What are the characteristics of America's free enterprise system and how does this system change over time?