Introduction to Microeconomics

Open Ended

What do you remember...What were needs and wants again?

The 'new' technology...the latest...as more choices become available you are likely to choose more/differently

​as choices/technology change

your wants will change...for example...what is the difference between yours and your parents wants?

​As you get older...

Wants are unlimited...

Some text here about the topic of discussion

Multiple Choice

Wants are

• desires and are limited

• desires and are unlimited

• desires and are impossible

• desires and are possible

Multiple Select

Which of these goods are also needs?

Check all that are true.

• food

• shelter

• toy

• book

The Economic Problem is...

​What, How and for whom...

​What should we produce? How should we produce it? For whom should we produce it?

Using our Scarce Resources (what is scarcity)?​

Some text here about the topic of discussion

Multiple Choice

Scarcity:

• is a problem only in the poorer countries of the world.
• will disappear if the country is rich.
• can be solved by rapid advances in technology.
• is a problem that exists in every economy with limited resources.

Two main parts of Economics

​Microeconomics

The study of the small...individual decisions of consumers (what do they do?) and producers (what do they do?) and markets and businesses...​

Microeconomics is the second major topic we will learn after the introduction topic

Multiple Choice

Which of the following is the best example of a microeconomics topic?

• The impact that the money supply has on inflation.
• The effect that government budget deficits have on the interest rate.
• The reasons for increases in the price of mobile phones.
• The trade-off between inflation and unemployment.

Multiple Choice

Which of the following would be of particular interest to a microeconomist?

• The price of an apple.
• The nation’s inflation rate.
• The nation’s rate of unemployment.
• The budget of the national government.

Multiple Choice

It is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets.

• Macroeconomics

• Scarcity

• Shortage

• Microeconomics

Multiple Choice

Who said that Economics is a science of wealth?

Multiple Choice

Who was the founder of Economics?

• Adam Smith

• Alfred Marshall

• Keynes

• Ricardo

Multiple Choice

When was the book ” an inquiry into the nature and causes of the wealth of nations”?

• 1770

• 1776

• 1870

• 1876

Multiple Choice

The goods which are directly consumed by human beings are called

• Capital Goods

• Industrial Goods

• Consumer Goods

• Private Goods

Multiple Choice

Study of small units of an economic system is called?

• Micro Economics

• Macro Economics

• Monetary Economics

• Industrial Economics

Multiple Choice

What is the fundamental economic problem faced by all countries?

• Inflation

• Unemployment

• Scarcity

• Economic recession