Unit one Economics

What is Economics?

• The study of dissatisfaction within markets

• The study of satisfying human wants and needs with limited resources.

The two branches of economics are Microeconomics and Macroeconomics ?

Which of the two deals with supply and demand

• Macroeconomics

• Microeconomics.

Macroeconomics deals with all of the following except ?

• The GDP

• Inflation

• Fiscal Policies & Monetary policies

• Consumer Behavior

What is scarcity?

• Limited availability of resources

• Imbalance in supply and demand for goods and services

• All of the above

An overabundance or having more than needed is best defined as ?

• Supply

• surplus

What is the difference between imports and exports?

• Imports leave a country

• Imports and exports are both brought into a country .

• Imports are brought into a country and exports leave a country.

Needs or wants are desires everyone has. Select the best option that defines a need?

• New Bike

• pet

• Roller skates

• Something essential you can't live without

What option defines globalization?

• Trade barriers

• Improved telecommunications

• Growing interdependence of the world's economies, cultures, and populations.

• Freedom of trade

What are the factors of production in economics?

• land, Labor, capital

• Sand and stones

• Land, forestry entrepreneurship

• Land, Labor, Capital Entrepreneurship

Economics can be defined as

• The study of dissatisfaction within markets

• The study of satisfying human wants and needs with limited resources.