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Unit 1 Introduction of Economics

Unit 1 Introduction of Economics

Assessment

Presentation

Business

10th Grade

Medium

Created by

Shauna-Kay Herah

Used 12+ times

FREE Resource

19 Slides • 13 Questions

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Unit 1 Introduction of Economics

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​WHAT IS ECONOMICS???

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Multiple Choice

The level of government spending.

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Microeconomics

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Macroeconomics

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Multiple Choice

Production of sugar mill

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Microeconomics

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Macroeconomics

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Multiple Choice

Foreign exchange rate

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Microeconomics

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Macroeconomics

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Multiple Choice

The unemployment rate in Jamaica

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Microeconomics

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Macroeconomics

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Multiple Choice

Consumers own all the factors of production.

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TRUE

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FALSE

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Multiple Choice

Firms provide households with the factors of production.

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TRUE

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FALSE

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Multiple Choice

The government oversees firms and consumers.

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TRUE

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FALSE

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​WHAT IS THE DIFFERENCE BETWEEN NEEDS AND WANTS???

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For each of the following scenarios state the opportunity cost.

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Multiple Choice

1. Jayelle has money to buy a pair of sneakers or an economics textbook. She chooses the pair of sneakers.

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A pair of sneakers

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Economics textbook.

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Multiple Choice

2. Amartya chooses to do her homework instead of going to the party.

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Party

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Homework

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Multiple Choice

3. Daniel gives a donation to the church. He could have used the money to visit New York.

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Visit New York

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A donation to the church.

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Multiple Choice

4. Stephen pays for guitar lessons. He could have taken his girlfriend on a date.

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Guitar

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Girlfriend on a date

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​Free Goods and Economic Goods

  • A free good is a good that is not scarce, and therefore is available without limit. A free good is a good with zero opportunity cost. This means it can be consumed in as much quantity as needed without reducing its availability to others. Free goods cannot command a price. For instance, air and sea water.

  • Economic goods are products or services that can be sold at a price. This may be to a business, individual, government, or other organization. It is important to note that an economic good is also scarce. E.g. cars, food items

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Multiple Choice

Economic goods have zero opportunity cost.

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TRUE

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FALSE

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Multiple Choice

An example of economic goods is a textbook for school.

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TRUE

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FALSE

Unit 1 Introduction of Economics

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