Understanding
Economics
Economics
What are some things that the study of economics is not?
What is Economics is not the study of the study of money or getting rich, stocks, and men in bowties?
What are the two branches of Economics?
What are Microeconomics and Macroeconomics?
If a coin is a disk of precious metal, what should we call our "coins"?
What is a token?
The study of economics is basically about what two things?
According to the host, there is actually a cost to watching YouTube videos. What is the cost?
What is the value of the next best alternative?
Why is “spend more money” a flawed approach to improving American health care?
What is because Americans spend a lot of money to get care and they come out with health outcomes that were worse than before.
What can understanding economics forever change about you?
What is the way you think, and problem solve?
Define Opportunity Cost
What is whatever you give up to do something?
What is There Is No Such Thing As a Free Lunch?
A number of interesting “solutions” were mentioned, such as crushing all the cars to prevent accidents or making murder legal to reduce the number of people in jail for killing others. What economic concept was used to show that these “solutions” are absurd?
What is scarcity to show how people have many ideas or plans but they have no solution and have limited resources to go through with their ideas?
Scarcity means that the nation must do what?
What is the nation must make a choice?
Explain the law of supply and demand.
What is when the supply of something goes up, the price of that thing goes down.
If an incentive is poorly designed, what might happen?
What is it can backfire if they are poorly designed?
What are the two most important assumptions in all of economics?
What is scarcity? People have unlimited wants but limited resources.
And what is everything because everything has a cost?
What is money?