What is Economics?

What is economics?

• The science of how money is made
• The science of the production, distribution, and consumption of goods and services
• The science of how the government is run
• The science of how technology works in businesses

How a local government runs it's economy as opposed to how a state runs it's economy is an example of...

• Microeconomics
• Political Science
• Economics
• Macroeconomics

Scarcity is...

• The ability to hide from teachers
• A product is easily available to consumers
• A product that is not easily available to consumers
• A product that will never be available to consumers

There is a drought in America that has negative effects on farms across the country.  What is going to happen to the demand and prices of fresh produce?

• Demand and the price of the product will go down
• Demand and price for the product will go up
• Demand and price will not be affected
• None of the Above

An employee is an example of this type of resource.

• Human
• Natural
• Capital Good
• Worker