Econ

What is economics?

• Is the study of how people make decisions based on forecasts that always fulfill our needs and decrease our money

• Is the study of how individuals, firms and societies choose to use their scarce resources, in order to improve their benefits, well-being, welfare or happiness

• Is about how societies struggle to achieve the economic happinness due to governments.

• Is the science that studies how societies interact in the commercial way in order to create a constant movement of money and avoiding inflation

Name the economic agents

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OFF

Knowledge, income, properties, time and health are .... of individual hoseholds

What are the decisions individual households make

• What to produce, how to, how much, the price of each product, finance, investment.

• Education, health, national security, infrastructure, social welfare, etc.

• What to buy, where to work, what to study

• How to spend time and money

What is essential for a firm to take in account when making a decision

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OFF

What are the factors of production in a firm ?

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OFF

Scarce resources of governments

• NON OF THE BELOW

• Tax revenues, natural resources an human resources

• • Knowledge, income, properties, time, health

• Labor, capital, land and entrepreneurship

What is the goal of governments?

What is the cost of decision?

• What you decide to go, and assume how it affects what you choose and it implies a trade off

• The best alternative that comes with any consequences

• The option that only affects us in a positive way and that doesn't take others in account

• None of the above

It is the best alternative that we forget, or give up, when we make a choice or a decision.