What Is Economics

The study of ow people figure out ways to ge things they need and want by making choices.

• Need

• Economics

• Service

• Business

A person who decides how to combine resources to create goods and services

• Entrepreneur

• Factors of Production

• Land

• Labor

• Capital

Economics is

• People trying to satisfy their needs by making choices

• Business operations

• Charts and Graphs

• The study of currency and geopolitics

Scarcity is

• Limited resources to fulfill unlimited needs

• A scary city

• People not getting what they want

• The problem of human happiness

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

The branch of social science that deals with the production, distribution, and consumption of goods and services.

• A) Sociology

• B) Economics

• C) Political Science

• D) Anthropology

Which of the following best describes a market economy?

• A) Government makes all economic decisions

• B) Economic decisions are based on customs and beliefs

• C) Economic decisions are made by individuals and businesses

• D) Economic decisions are made by a central authority

What is the primary focus of microeconomics?

• A) The study of national economies

• B) The study of individual and business decisions

• C) The study of global trade

• D) The study of government policies

Which term describes the cost of the next best alternative when a choice is made?

• A) Opportunity Cost

• B) Fixed Cost

• C) Variable Cost

• D) Sunk Cost

What is the law of demand?

• A) As price increases, demand increases

• B) As price decreases, demand decreases

• C) As price increases, demand decreases

• D) Demand is not affected by price