Economic 1 - 12th grade

Economics is...

• a complex system of: production, consumption and exchange activities

• a study of how people allocate scarce resources

• a condition where not enough resources are available to meet all the needs and desires

• the basic problem in economy

Economy is...

• a complex system of: production, consumption and exchange activities

• a study of how people allocate scarce resources

• a condition where not enough resources are available to meet all the needs and desires

• the basic problem in economy

Economics analyze and describe

• the production, distribution, and consumption of wealth

• the production, distribution, and resources

• the production, goods, and consumption of wealth

• the input, output, and consumption of wealth

Which one of the option below is not the reason of why people study economic. 

•  It develops critical-thinking and problem-solving skills to make good decisions.

• It helps people understand the world around them

• It enables people to understand the the event happened in the past to make better decision for the present day

• It is the presence of scarce resources

Resources are...

• The inputs that society uses to produce output/goods

• The basic problem in economics

• The goods and services that people produce

• The output that society uses to produce inputs

Scarcity is

• a condition where not enough output are available to meet all the services

• a condition where not enough desires are available to meet all the needs

• a condition where not enough resources are available to meet all the needs and desires

• a condition where not enough resources are available to meet all the output

The focus of economics is...

• How society allocates resources and goods

• How society allocates services and goods

• How society allocates scarce resource and free resource

• How society allocates needs and goods

Two major factors that create scarcity...

• The economic growth and reduce expectations

• The limited resources and unlimited wants

• The limited services and unlimited wants

• The limited goods and unlimited services

Mention 2 examples of free resources

What are the options that the society have in facing scarcity?