INTRODUCTION TO ECONOMICS

The state of reduced efficacy that occurs when there is an excessive or unlimited number of options.

• Decision-making stress

• Decision trauma

• Decision fatigue

• Decision pressure

Based from our discussion, the famous personality who wears the "iconic gray shirt" which apparently costs $300 to $400!

• Steven Spielberg

• Jeff Bezos

• Steve Jobs

• Mark Zuckerberg

This best describes the state of our resources on earth.

• Unlimited

• Scarce

• Infinite

• None of the above

Economics is from the Greek word Oikonomia which means ___.

• Household management

• Budgeting skills

• Decisiveness

• Human resource management

Economics is a branch of the Social Sciences so as __.

• History

• Astrology

• Biology

• Literature

The branch of Economics that talks about the behavior of consumers, producers and the market.

• Micros

• Macros

• Microeconomics

• Macroeconomics

The branch of Economics that tackles the aggregate activities of governments, industries and households.

• Micros

• Macros

• Microeconomics

• Macroeconomics

Which is a social choice?

• Celebrities flying their private jet instead of a commercial flight.

• North Korea spending more on defense than social services.

• Abby choosing a Prada bag over a Gucci bag.

• All of the above

Gain from a choice made.

• Trade off

• Competitive advantage

• Benefit

• Invisible hand

The two goals of Economics.

• Interfere with government decisions and increase freewill.

• Respond to individual choice and budgeting.

• Answer the question of who to produce for and how to produce.

• Supply unlimited needs and satisfaction.