Will students be familiar with many economic terms?

Yes, students will already be familiar with many economic terms

No, students must learn every term from scratch

Only graduate students will be familiar

Students usually avoid economic terms

What does economics concern itself with?

Economic products—goods and services

Political theories and ideologies

What are economic products?

Goods and services that are useful, relatively scarce, and transferable

Products that are easy to find and cheap

Free goods provided by the government

Why do economic products command a price?

Because they are both scarce and useful

Because they are abundant and cheap

Because they are freely available

Because they are sold at government-set prices

What is the first type of economic product mentioned?

A good—a useful, tangible item

A service—a task performed for someone

A luxury—an expensive product

Can you name a few examples of goods mentioned in the text?

Book, car, or compact disc player

Television, movie tickets, or games

Can you give examples of capital goods mentioned?

Robot welder in a factory, oven in a bakery, computer in a high school

Car, refrigerator, washing machine

What is a durable good?

A good that lasts three years or more when used regularly

A good that can be used only once

A product that has no lasting value

A product that can be sold again after use

Can you give examples of durable goods?

Robot welders (capital goods), automobiles (consumer goods)

Computers, phones, and flash drives

What is a nondurable good?

An item that lasts for fewer than three years when used regularly

An item that lasts for over 10 years

A good that is consumed immediately

Can you give examples of nondurable goods?

Food, writing paper, most clothing items

Cars, refrigerators, and microwaves

Buildings, factories, and machines

Computers, televisions, and cameras

What is the other type of economic product mentioned in the text?

A service, or work that is performed for someone

A resource, like land or capital

A good, such as a tangible product

A virtual product, such as software

Can you name a few examples of services?

Haircuts, home repairs, concerts, work by doctors, lawyers, and teachers

Shopping, attending meetings, eating lunch

Gardening, cleaning, and repairs

Playing sports, watching TV, reading books

What is the key difference between a good and a service?

A good is tangible (can be touched), while a service is not

A good is intangible, while a service is not

A good is paid for upfront, while a service is ongoing

A good is for personal use, a service is for businesses

People who use goods and services to satisfy their wants and needs

People who produce goods and services

People who sell goods or services

What does value refer to in economics?

A worth that can be expressed in dollars and cents

The subjective worth of an item

What question does economics aim to answer about value?

Why something has value and why some things are more valuable than others

How value is determined by governments

What makes something an investment

Who faced a problem about value in 1776?

Adam Smith, a Scottish social philosopher

John Maynard Keynes, a British economist

Karl Marx, a German philosopher

Milton Friedman, an American economist

What did Adam Smith observe about the value of necessities like water?

Water had a very low monetary value

Water was extremely expensive in 1776

Water had no monetary value at all

Water was considered a luxury item

What did Adam Smith observe about the value of nonnecessities like diamonds?

Diamonds were only valuable for industrial use

Diamonds were only valuable in certain countries

Was scarcity enough to fully explain how value is determined?

No, scarcity by itself could not fully explain it

Yes, scarcity alone explains everything

Yes, abundance is enough to determine value

No, only familiarity with a product is important

What must something have in addition to scarcity for it to have value?

Utility, or the capacity to be useful and provide satisfaction

Availability in multiple markets

Is utility something fixed or measurable, like weight or height?

No, utility is not fixed or measurable

Yes, utility is universally measurable

Yes, utility can be measured in terms of size

Yes, utility depends on availability

Does the utility of a good or service vary from person to person?

Yes, utility may vary from one person to the next

No, utility is the same for everyone

No, utility is determined by experts

Yes, utility is determined by demand

Can you give an example of how utility may vary between people?

One person may enjoy a home computer or a rock concert, while another may not

One person may enjoy a specific type of food, while another may not

One person may enjoy hiking, while another dislikes it

One person may enjoy traveling, while another dislikes it

What two conditions must something meet for it to have monetary value?

It must be scarce and have utility

It must be abundant and easy to find

It must be produced in large quantities

It must be consumable by everyone

What is the solution to the paradox of value?

Something must be both scarce and have utility to have monetary value

Something must be abundant and well-known

Something must be universally needed

Something must be tangible and portable

Why do diamonds have a high monetary value?

Because they are scarce and have utility

Because they are readily available

Because they are easily replaceable

Because they are popular in fashion

Why does water have less monetary value than diamonds?

Water is not scarce enough in most places to give it much value

Water is not useful for everyone

Water is only valuable in certain regions

What is the emphasis on monetary value important to economists?

Because it is a concept that everyone can easily understand

Because it determines a good's actual worth

Because it helps decide a good's price in stores

Because it helps create government regulations

What is the difference between moral/social value and monetary value?

Moral or social value is studied in other social sciences, while monetary value is in terms of dollars and cents

Moral value is always more important than monetary value

Moral value affects price in the market

Social value always determines the cost of an item

What is wealth in an economic sense?

The accumulation of tangible, scarce, useful, and transferable products

The total amount of money a person has

The amount of services someone can provide

The sum of goods that are easily accessible

What does a nation's wealth comprise of?

All tangible items, including natural resources, factories, stores, houses, motels, theaters, furniture, clothing, books, highways, video games, and basketballs

Only items in banks and markets

Are services considered part of wealth?

No, services are not counted as wealth because they are intangible

Yes, services are considered as valuable as goods

Yes, services are part of the national wealth

No, but services contribute to wealth creation

Are services still useful or valuable even though they aren't part of wealth?

Yes, services are still useful and valuable

No, services are not important to the economy

No, services only benefit individual people

Yes, but only if they are widely available

What did Adam Smith refer to as the source of a nation's wealth in his book The Wealth of Nations?

The abilities and skills of a nation's people

The land and resources of the country

The industrial output of the country

The amount of gold and silver in the country

According to Adam Smith, what could restore a nation's material possessions?

The efforts and skills of its people

New resources from the outside world

The accumulation of wealth over time

What would happen if a country's people were taken away?

Its wealth would be redistributed

Eco 1.2

Authored by Justin Beyersdorfer

Social Studies

9th - 12th Grade

Used 1+ times

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91 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first thing you might think of when you hear the word "economics"?

Big business, large corporations, banks, and petroleum refineries

Small businesses and local stores

Household goods and services

Government regulation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What types of companies are mentioned as part of big business in economics?

Companies that make automobiles, computers, and comic books

Companies that sell food and beverages

Companies that make furniture

Companies that offer education services

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does economics only include big business?

No, economics includes much more than big business

Yes, economics is primarily about big business

Economics only deals with corporations

Economics only studies government policies

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the vocabulary used in economics compared to?

Other social sciences

The legal system

Medical terminology

Artistic expressions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some terms used in economics?

Recession, commodity, or utility

Friendship, happiness, and love

Freedom, justice, and equality

Happiness, loyalty, and sacrifice

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is necessary to understand economics?

A review of key terms

An advanced degree in economics

A background in history

An understanding of politics

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Are most economic terms unfamiliar to people?

No, most economic terms are widely used and familiar

Yes, economic terms are only known to experts

Yes, only economists use these terms

No, most people use different terms

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