Intro Econ Vocab

Define Economy:

• the study of how money flows
• the wealth and resources of a region
• how opportunity cost plays out
• how and why people spend money in a particular region

Define Economics:

• The study of how and why the economy works the way it does

• The study of money

• The study of people's choices

• The study of why resources are scarce

Define Opportunity Cost:

• Not having enough of a resouce
• How much opportunity a person has determines the cost they can afford
• You make tradeoffs when you give up one thing to get something else
• Decision making

Define Scarcity:

• A limited amount of resources
• Being afraid of large towns
• Limited amount of choices
• When you give up one thing to get something else

What is the only rule of Mr. Dai'Re's class?

• Respeck

• No talking while Mr. Dai'Re is talking

• No cell phone use

• Be respectful to those who are respectful to you

Which is an example of the economy?

• Why people have to make choices about resources
• Essay on why income inequality happens 
• Chart of how much money people make in Fresno
• How people decide on what they spend their money on

Which of the following are goods (all that apply)

• Cheese

• Pizza

• Hair cuts

• Coaching

Services are

• a need

• better than goods

• Intangible

• indistinguishable from goods

Which is not a factor of production

• Natural

• Money

• Entrepreneurial

• Human

Which are stages in the circular flow? (all that Apply)

• Spending

• Income

• Capital

• Production