Lessons 1: Economics of World History
The period before History began (around 3000 BC, with the invention of writing) is called ___.
Prehistory
The literal meaning of the word economics is "___ management".
household
What term is related and similar to "SCARCITY" but is actually not the same?
shortage
Guess the term:
"a catchphrase or slogan used especially in marketing or advertising"
tagline
Guess the term:
"the systematic study of the significant past"
History
In History, what do you call the PERIOD between 3000 BC to 800 BC which includes the invention of writing and the start of civilizations?
Ancient Period
What is the Greek word from which the word economics came from?
oikonomia
What makes SCARCITY a "fact of life"?
finite resources / infinite wants and needs
Guess the term:
"refers to an economic merchandise or product"
goods
Guess the term:
"the systematic study of how an individual or society makes choices in allocating scarce resources in order to satisfy wants and needs"
Economics
In the chess analogy, between History and Economics, which one can be considered as the "set of moves" and which one is the "whole game"?
What are the 2 fundamental principles of Economics?
Scarcity and Allocation
What is the difference between SCARCITY and SHORTAGE?
Shortage can be solved and can disappear but scarcity does not.
Guess the term:
"the process of dealing with or controlling people or things"
management
Guess the term:
"the educational discipline which involves different branches of study on human society with the goal of transforming its members into good citizens"
Social Studies
History is always characterized by ____.
conflicts and struggles (wars)
Economics is ALL ABOUT managing and distributing ___.
Resources
What are the three kinds of economic resources?
natural, human, capital
Guess the term:
"the action or process of distributing something"
allocation
Guess the term:
"a stock or supply of assets such as money or other which can be dispensed or utilized in order to function effectively"
resources
Something in common between History and Economics is they're both about ___.
Resources
What concept is important or integral in economics in times when you need to make a decision whether you will eat your favorite cake or you will simply have it (and not touch it).
Choice
What are the 3 important questions in Economics?
WHAT to produce?
HOW to produce?
Who will benefit the products?
Guess the term:
"a set of procedure that characterizes natural sciences which involves systematic observation and data analysis"
What is the difference between business and trading?
Business refers the whole operation or production and selling of goods while trading refers to the act of exchanging goods.