Economics
What are two forms of economics?
Macroeconomics, and Microeconomics
What are the 4 economic systems?
Traditional, Command, Market, and Mixed
Which of the following is considered a need?
* Video games
* Food
* streaming service
FOOD
What is economics?
Economics is a science that examines how goods and services are produced, sold, and used.
Economics is best defined as the study of?
How people use limited resources to make choices.
What is one habit that helps someone to prosper?
Working
saving
planning ahead
What is macroeconomics?
Macroeconomics is the branch of economics that studies human behavior and choices that relate to the entire economy of a nation.
A physical item that can be bought or sold is called a:
* want
*service
* Good
GOOD
Learn in class
Perish - definition
suffer complete ruin or destruction
Scarcity Forces ?
Trade-offs
Who wrote the WEALTH OF NATIONS
A bad habit that bring bad choices in economy.
* Spending without thinking
* Avoing responsability
* depending on other
What is microeconomics?
Microeconomics is the branch of economics that studies human behavior and choices.
What are the three economic questions?
What should we produce?
How should we produce it?
From whom should it be produced?
What do we call the next best thing you give up when making a choice?
Opportunity cost