Unit 1 Fundamentals of Economics

The study of how governments, businesses, and individuals make choices when faced with a limited supply of resources.

The study of whole economies- production, employment, prices, interest rates, spending and policies on a nationwide scale.

• Microeconomics

• Macroeconomics

• Socioeconomic status

• Psychology

The study of how consumers, workers and firms interact to generate outcomes in specific markets.

• Microeconomics

• Macroeconomics

• Sociology

• economic growth

All people have unlimited _____ and _____.

• choices and concerns

• food and water

• needs and wants

• wealth and health

All needs and wants can be satisfied by the production of _____ and ________.

• food and water

• shelter and education

• goods and services

• jobs and wealth

All of the following are considered a good EXCEPT.

• Lamborghini

• Iphone 15

• Watermelon

• babysitting

Which of the following are considered services. Select all that apply.

• babysitting

• tractor

• receiving medical care

• getting your car repaired

All of the following are considered needs EXCEPT.

• car

• water

• shelter

• food

A need is something that is required for survival.

• true

• false

A want is not needed for survival but makes life more enjoyable.

• true

• false