Lessons 1: Economics of World History
Lesson 2: Defining Economics
Lesson 3: Scarcity
Glossary Part 1
Glossary Part 2
100

The period before History began (around 3000 BC, with the invention of writing) is called ___.

Prehistory

100

The literal meaning of the word economics is "___ management".

household

100

What term is related and similar to "SCARCITY" but is actually not the same?

shortage

100

Guess the term:
"a catchphrase or slogan used especially in marketing or advertising"

tagline

100

Guess the term:
"the systematic study of the significant past"

History

200

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

200

What is the Greek word from which the word economics came from?

oikonomia

200

What makes SCARCITY a "fact of life"?

finite resources / infinite wants and needs

200

Guess the term:
"refers to an economic merchandise or product"

goods

200

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

300

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"?

300

What are the 2 fundamental principles of Economics?

Scarcity and Allocation

300

What is the difference between SCARCITY and SHORTAGE?

Shortage can be solved and can disappear but scarcity does not.

300

Guess the term:
"the process of dealing with or controlling people or things"

management

300

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

400

History is always characterized by ____.

conflicts and struggles (wars)

400

Economics is ALL ABOUT managing and distributing ___.

Resources

400

What are the three kinds of economic resources?

natural, human, capital

400

Guess the term:
"the action or process of distributing something"

allocation

400

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

500

Something in common between History and Economics is they're both about ___.

Resources

500

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

500

What are the 3 important questions in Economics?

WHAT to produce?
HOW to produce?
Who will benefit the products?

500

Guess the term:
"a set of procedure that characterizes natural sciences which involves systematic observation and data analysis"

500

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.

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