Introduction to Economics

What is the fundamental economic problem?

• Racism

• Scarcity

• Money

• Greed

Limited resources but unlimited wants refers to:

• Scarcity

• Choice

• Climate change

• Greed

Economics is concerned with each of the following EXCEPT?

• Allocation of scarce resources to produce goods and services

• Explaining what factors influence consumer behaviour

• Yoga

• Choice

What are resources?

• Different sources used in the economy

• The use of things to meet the problem of scarcity

• Inputs used in the production of goods and services

• Technological progress

The study of economics is divided into

• Choice and sacrcity

• Big and small economics

• Labour and capital economics

• Macroeconomics and Microeconomics

What to produce? How to produce? and When to produce? Are ...

• Fundamental Economics problem

• Fundamental economic questions

• Scarcity

• Government issues

Which is NOT one of the fundamental economic question

• What to produce

• How to produce

• When to produce

• For whom to produce

Wants are

• Things you essential for survival

• Food, clothing, shelter

• Desires that are not essential to survive

• Air, water, food

Select the needs below

• Money

• Food, clothing, shelter

• Desires that are not essential to survive

• Soda, Wifi, Netflix

Napoleon, Snowball and Boxer are all part of the ______

• Economy

• Animal farm movie

• BLM Movement

• Trade wars