Scarcity, Exchange, and Markets- EconMovies #1: Star Wars

According to Mr. Clifford, what is economics essentially the study of?

• Art and literature

• Scarcity and choices

• History and politics

• Science and technology

In the context of decision making, what assumption do economists make about everyone?

• They never consider incentives

• They always make altruistic decisions

• They always follow the crowd

• They make choices based on their own self-interest

What is the idea of voluntary exchange in economics?

• Buyers and sellers negotiate based on their own self-interest

• Buyers and sellers never negotiate

• Buyers and sellers are forced to make transactions

• Buyers and sellers always agree on the price

What is the concept called when individuals make choices that help themselves but end up helping everybody else?

• The transparent heart

• The visible foot

• The opaque brain

• The invisible hand

What does history prove about free markets and capitalism according to the text?

• They are worse than a centrally planned system

• They are better than a centrally planned system

• They have no impact on society

• They lead to oppression and tyranny

What does the text suggest is the main focus of economists when looking at how groups interact?

• Markets

• Corporations

• Governments

• Individuals

What does the text imply about the decision-making of individuals in a free market?

• They are always irrational

• They are always forced by the government

• They are always altruistic

• They are based on their own self-interest

What does the text suggest is the main theme of the entire Star Wars series?

• Epic space battles

• Political intrigue and power struggles

• Romantic relationships between characters

• One character's struggle with the decision to become good or evil