Economics Week 1

Opportunity Cost/Benefit

• The government programs meant to encourage certain behaviors.

• Represent the potential benefits an individual, investor, and what a business misses.

• The dollar store's business model.

• All spending is on final goods and services for current personal use.

Define scarcity

• Unlimited resources, limited wants.

• When people go hungry.

• The need to create something with more materials.

• Unlimited wants, limited resources.

Define Macroeconomics

• The minute details of economics translated into a larger scale.

• Economic concerns single factors and the effects of individual decisions.

• Dog breed.

• Where large scale or general economic factors are concerned.

When the government creates a program hoping for an economic change what is it called?

Microeconomics

• The large-scale study of economics.

• The economics of single factors and the effects of individual decisions.

• The study of microorganisms and their effect on the economy.

• Tiny parts of a computer chip.

Describe a Market Economy.

Describe a Command Economy.

What kind of economy system does America use?

Can you find a traditional economy today? Give an example where you might find one, if you answered yes.

Was this test too easy, just right or too difficult?