Basics of Economics

is a social science involving the study of choices and what necessitates those choices.

• Economics

• Microeconomics

• Macroeconomics

is the branch of economics that examines the behavior of the whole economy at once.

• Macroeconomics

• Economics

• Microeconomics

is the branch of economics that examines the choices and interactions of individuals producing and consuming one product, in one firm or industry.

• Microeconomics

• Macroeconomics

• Economics

is what has been relinquished (surrendered)

• Benefit

• Cost

• Scarcity

is what has been gained

• Opportunity Cost

• Benefit

• Prices

refers to the next best alternative

• Cost

• Opportunity Cost

• Choices

when limited resources are not sufficient to meet demand.

• Supply

• Demand

• Scarcity

What are the 4 Factors of Production?

• Land, Sugar, Capital, Fields

• Land, Labor, Capital, Entrepreneurship

• Land, Money, Economy, Food

is a medium of exchange.

• Goods

• Products

• Money

too much for sale at the current price.

• Shortage

• Surplus

• Demand