Economics

What is something required for survival?

• Need

• Want

• A Consumer Product

• Inventory

What are things we would like to have?

• Need

• Want

• Inventory

• A consumer product

What is the study of how we make decisions in a world in which resources are limited? It is also the study of how things are made, bought, sold, and used?

• Equilibrium MARKET PRICE

• Microeconomics

• Macroeconomics

• Economics

What is the study of behavior and decision making of small units?

• Economics

• Macroeconomics

• Microeconomics

• Market Equilibrium Price

What is the study of the economy as a whole and decision making by large units?

• Macroeconomics

• Microeconomics

• Market Equilibrium Price

• Economics

What is a country’s way of producing the things its people want and need?

• Market Equilibrium Price

• Economic Systems

• Economic Models

• Economic Aggregation

What occurs whenever we do NOT have enough resources to produce all the things we would like to have?

• A Surplus

• Regional Inflation

• Scarcity

• Tax revenue decrease

What are the 3 choices based on scarcity?

• What to produce?

• For whom to produce?

• When to produce?

• How to produce?

• Why produce?

What is the alternative you face if you decide to do one thing rather than another?

• Opportunity Revenue

• Trade-Off

• Scarcity

• Opportunity Cost

What is the cost of the next best use of your time/money when you choose to do one thing rather than another?

• Opportunity Cost

• Variable Cost

• Marginal Cost

• Fixed Cost