Introduction to economics

Introduction to economics

by Kendrick Broadus

Open Ended

What are some choices competing for your income?

Multiple Choice

Which provides both goods and services?

• A babysitter

• A post office

• A bus driver

• A DJ

Multiple Choice

Items that can be bought, sold, and traded, such as food and computers

• goods

• services

• market

• economics

Multiple Choice

Tasks you pay someone to do for you

• goods

• services

• market

• necessity

Multiple Choice

A toy is a service.

• True
• False

Multiple Choice

You get a hair cut. 

• Good
• Service

Multiple Choice

You buy a book from a garage sale.

• Good
• Service

Multiple Choice

You hire someone to cut your lawn.

• Good
• Service

Multiple Choice

You buy your mother a flower from a flower shop.

• Good
• Service

Multiple Choice

You visit the doctor for a checkup.

• Good
• Service

Multiple Choice

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Multiple Choice

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Multiple Choice

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

Multiple Choice

Why do we have to make production choices about available resources?

• Too many resources for the demand

• Limited wants

• Unlimited resources

• Scarcity

Multiple Choice

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Multiple Choice

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

Multiple Choice

What is the fundamental problem of economics? 

• How to keep consumers out of debt?
• How to fulfill our unlimited wants and needs with limited resources?
• How to figure out the way to make the most money?
• How do we ensure all people get a college education?

Multiple Choice

A person who provides a good or service

• producer

• need

• want

• consumer

Multiple Choice

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Open Ended

What are the 3 economic questions?

1-

2-

3-

Multiple Choice

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Multiple Choice

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

Multiple Choice

What are all societies forced to do because of scarcity?

• Make production decisions

• Conserve resources

• Limit resource use

• Charge large amount of money for available resources

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

In Economics, Trade-off and Opportunity Cost mean the same thing.

• True!

• False!

Multiple Choice

What should be the most important factor considered when you make a decision?

• the Trade-offs

• the Opportunity Cost

• the lost opportunities

• the opinions of others

Multiple Choice

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Analyses

• Investments

Multiple Choice

A Trade-off is

• a purchase in a marketplace.

• an alternative that we sacrifice when we make a decision.

• any good or service a consumer needs.

• a factor of production.

Multiple Choice

What is the most basic problem of economics?

• scarcity

• productivity

• money

• resources

Multiple Choice

What name is given to the value of the next best alternative that you give up when you make a decision?

• Trade-offs

• Opportunity cost

• Lost opportunities

• Options

Open Ended

What is the difference between a trade-off and opportunity cost?

Multiple Choice

A dress bought by her daughter's birthday party

• Consumer goods
• Capital goods

Multiple Choice

A new building bought by a school

• Consumer goods
• Capital goods

Multiple Choice

A personal computer sold in an electrical retailer for home use

• Consumer goods
• Capital goods

Multiple Choice

The vehicles bought by a distribution company

• Consumer goods
• Capital goods

•The flow of resources, goods and services, and income in a market system is a circular flow of income and output.

Subject | Subject

Some text here about the topic of discussion

Multiple Choice

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Multiple Choice

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Multiple Choice

A command economy is when the government is in control.

• True
• False

Multiple Choice

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Multiple Choice

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Multiple Choice

What is an economic system where only the government makes the economic decisions?

• traditional economy

• free enterprise

• mixed economy

• command economy

Multiple Choice

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Multiple Choice

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Centrally Planned

Multiple Choice

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

Multiple Choice

I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

Business FREEDOM

• Command

• Market

• MIxed

• Traditional

Multiple Choice

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

​Describe each factor of production

Land - Classroom/workspace

Labor - Human resource of workers

Capital - Hamburgers/ playdough

​

​ 1.Why did the assembly line group make more hamburgers? Was it because they worked harder?

No, the assembly line group specialized by dividing the labor. The non-assembly line group wasted time waiting to use the capital and playdoh. The assembly line students only had to learn one task.

Pure Socialism

•Pure command socialism is an economic system in which there is little private property and the government owns the factors of production and attempts to manage output and the distribution of goods.

•He outlined the eventual plan of capitalism and predicted the evolution of socialism into communism, an idealized society in which no government is necessary.

Some text here about the topic of discussion

​Pure Socialism Cont'd

​•Karl Marx viewed history as a continual struggle between capitalists (owners of land, machines, and factories) and the workers.

•He believed that the capitalists exploited the workers.

•He outlined the eventual collapse of capitalism and predicted the evolution of socialism into communism, an idealized society in which no government is necessary.

Multiple Choice

Who makes the decisions in a captialist economy?

• The People or Citizens (You and Me)

• The Government

Multiple Choice

How are prices set in a capitalist economy?

• Prices are set by what people buy and sell

• Prices are set by the government

Multiple Choice

What is capitalism?

• government control of production and goods
• private control of production and goods for profit
• employee control of production, goods, and profit
• international control of production and goods for profit

Multiple Choice

Capitalism is based on the _______ ownership of wealth.

• private
• public

Multiple Choice

Who developed laissez-faire economics as a en economic philosophy? 

• Adam Smith
• Karl Marx
• John Locke
• Louis XVI

Multiple Choice

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest
• compassion
• citizenship
• trustworthiness 

Multiple Choice

While Adam Smith believed that the government should be involved in all of the following areas EXCEPT: 

• military
• property 
• business
• nothing at all

Multiple Choice

laissez-faire

• opposed to government regulation of business

• government should control major industries

• government should be eliminated

• nations should avoid trade

Multiple Choice

Socialism is often placed between...

• Communism and Nationalism

• Communism and Capitalism

• Capitalism and Nationalism

• Nationalism and Socialism

Multiple Choice

the part of Capitalism that naturally made for low prices and high quality

• Competition

• Government control

• Guilds

• Fixed wealth

Multiple Choice

How is capitalism DIFFERENT from communism?

• In capitalism, businesses are owned by people.

  
  

  In communism, businesses are owned by the government.

• In capitalism, prices are high.

  
  

  In communism, prices are low.

• It capitalism, people share.

  
  

  In communism, there is a big gap between rich and poor.

Multiple Choice

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

Multiple Choice

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

• Traditional

• Command

• Market

• Mixed

Multiple Choice

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

• Traditional

• Command

• Market

• Mixed