Unit 1 Economics

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

Government is the study of getting rich and the stock market.

• True
• False

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

• True
• False

__________ Things required to live such as food, shelter, clothing, air

• Need
• Want
• Tradeoff

____________ The actual thing you gave up to have something else. Everything has a cost

• Opportunity Cost
• Tradeoff
• Incentive

_____________ anything that it used to make a good or service.

• Resources
• Good
• Service

The two branches of economics are micro & macro. 

• True
• False

Money's only real benefit is as a medium of exchange

• True
• False

Money must be durable, portable, and stable

• True
• False

_____________ network of institutions, markets, and contracts that bring lenders and borrowers together

• Financial system
• banks
• Private Enterprise