Crash Course Economics - Intro

What is economics?

• The study of the stock market

• The study of getting rich

• The study of numbers in history

• The study of people and choices.

What is the opportunity cost of watching this video?

• The video you are not watching

• Watching this video.

What is opportunity cost?`

• The combination of limited resources and unlimited wants

• Value of the next best alternative

• Maximum combination of goods and services that can be produced with a given amount of resources.

What are the two most important assumptions in economics

• Scarcity and everything has a cost.

• Everyone has resources to spend.

• Needs and Wants.

Why do individuals still drive even though there is a slight chance they could end up dying in a car crash?

• benefits clearly outweigh the costs.

• cost clearly outweigh the benefits.

• some people like the adrenline rush from the risk of dying

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

Why can't we produce an infinite amount of weapons and consumer goods?

• We have too many economic resources

• We can if we want to

• We do not have enough economic resources

• the government wants to keep the cost high

What is the opportunity cost of military spending?

• The war we will win

• The jobs of our military

• The resources not being used for social services.

What is Macroeconomics?

• The study of production, employment, prices, and policies on a nationwide scale.

• Study of big economics

• Study of economics on a personal scale.

What is Microeconomics?

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

• Study of tiny things.

• Study of how the government and its people work as a whole.