Unit 1 Economics

Front

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Back

Economics

Front

Government is the study of getting rich and the stock market. True or False?

Back

False

Front

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

Back

False

Front

__________ Things required to live such as food, shelter, clothing, air

Back

Need

Front

___________ The actual thing you gave up to have something else. Everything has a cost

Back

Opportunity Cost

Front

__________ anything that it used to make a good or service.

Back

Resources

Front

The two branches of economics are micro & macro.

Back

True

Front

Money's only real benefit is as a medium of exchange

Back

False

Front

Money must be durable, portable, and stable.

Back

True

Front

__________ network of institutions, markets, and contracts that bring lenders and borrowers together

Back

Financial system