Eco 1.2

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

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

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

What is the vocabulary used in economics compared to?

• Other social sciences
• The legal system
• Medical terminology
• Artistic expressions

What are some terms used in economics?

• Recession, commodity, or utility
• Friendship, happiness, and love
• Freedom, justice, and equality
• Happiness, loyalty, and sacrifice

What is necessary to understand economics?

• A review of key terms
• An advanced degree in economics
• A background in history
• An understanding of politics

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

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
• Social behavior and psychology
• Environmental sustainability

What are economic products?

• Goods and services that are useful, relatively scarce, and transferable
• Products that are easy to find and cheap
• Items that are produced once
• Free goods provided by the government