Economic principles

If you have masses of people with little or no money, they usually...

• don't buy much

• have little to no power

• steal from others

• buy cheaper products

A rational decision-maker takes action if and only if...

• they can make money

• they want to

• they are told to

• the benefits outweigh the cost

People can't have everything they want so...

• they choose carefully

• they cry about it

• they steal from others

• they trade items

Economists study situations where needs and wants exceed means. This is called...

• greediness

• supply and demand

• scarcity

• making sound investments

If you have to give up something to get something else, this is called...

• trade offs

• supply and demand

• scarcity

• incentives

In a planned economy there is little...

• choice for consumers

• opportunity for growth

• chance to make money

• wealth

Trade allows...

• people to choose the cheapest products

• people to work

• people to specialise in what they do best

• returns on faulty goods

Who makes the majority of the nation's wealth?

• Government

• Middle class

• Entrepreneurs

• Royal families

Before making an investment it is important to find out...

• if it is likely to succeed

• if it follows fair trade practises

• if it needs constant monitoring

• if it is popular

If a small amount of people hold the largest portion of wealth, this is called...

• even distribution of wealth

• unequal distribution of wealth

• life as we know it

• unfair