Unit 1 Intro to Economics

Front

What are physical objects that are capable of being touched?

Back

Goods

Front

What are intangible things that cannot be touched, such as motorcycle repairs, haircuts or insurance?

Back

Services

Front

What questions should we ask about the basic economic problem?

Back

What should be produced and with what quantities? How should things be produced? Who should things be produced for?

Front

What is an entrepreneur?

Back

someone who organizes a business venture and assumes the risk for it

Front

What is the definition of economics?

Back

The study of people and choices

Front

What is an example of opportunity cost? Options: Eating a hamburger instead of a hotdog, Giving up going to see a movie to study for a test in order to get a good grade., Wearing dress shoes instead of tennis shoes in your house, Writing with blue pen instead of a black pen

Back

Giving up going to see a movie to study for a test in order to get a good grade.

Front

What is macroeconomics?

Back

The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

Front

What is microeconomics?

Back

The part of economics concerned with single factors and the effects of individual decisions.

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

In this type of economy, the individual decides who to sell their products to.

Back

Market