Understanding Economics

What is the primary focus of economics?

• The study of historical events

• The study of choices people make

• The study of natural sciences

• The study of languages

Who are the key decision-makers in economics?

• Only the government

• Only businesses

• Consumers, government, and businesses

• Only consumers

Which of the following is considered a basic need?

• A smartphone

• A television

• Food

• A car

What is an example of a service?

• A cupcake

• A smartphone

• A dentist's work

• A car

Why is it important to study economics?

• To understand historical events

• To make wiser economic decisions

• To learn about different cultures

• To become a scientist