Year 9 Business Economics Revision

Why Study Economics?

• I have to do it

• I want to learn about the stock market

• To learn how to deal with scarcity

What is Scarcity?

• Needs and Wants

• Unlimited Needs and Wants

• When something is in short supply

• When something is rare and expensive

What is macroeconomics

• the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity

• the branch of economics concerned with medium-scale economic factors, such as cryptocurrency

• the part of economics concerned with single factors and the effects of individual decisions.

• the part of economics concerned with single factors and the effects of group decisions.

What is microeconomics

• the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity

• the branch of economics concerned with medium-scale economic factors, such as cryptocurrency

• the part of economics concerned with single factors and the effects of individual decisions.

• the part of economics concerned with single factors and the effects of group decisions.

Identify the need in this list

• Pure Oxygen

• Water

• Carbonated Water

• Day Spas

Goods are items that people make or use to satisfy their _____ and ____

Economic Choice is the choice of or decision among alternatives or p______

Opportunity Cost is the next best choice that is given up when a decision is _______________

When people make choices, they cannot have everything they want. This means they have to give something up. What is this called?

Why do people have to make economic choices? People must make economic choices because resources are ________