Understanding Your Economic Role

What is the primary focus of economics?

• The study of individual behavior

• The study of the ways in which money is created and used in society

• The study of natural resources

• The study of historical events

Which of the following best describes the larger economic structure?

• The wealth and resources of a family

• The wealth and resources of any given country or region, especially as it relates to production and consumption of goods

• The wealth and resources of a single individual

• The wealth and resources of a small business

How does an individual's existence impact the economy?

• It has no impact

• It is an important part of the economy where they live

• It only impacts the economy if they spend a lot of money

• It only impacts the economy if they work

What is an important first step to seeing the big picture of the economy?

• Ignoring individual roles

• Understanding the significance of our own individual roles

• Focusing only on national economic policies

• Studying historical economic data

Which of the following activities is NOT mentioned as part of our daily economic lives?

• Working

• Spending

• Saving

• Traveling

What can understanding our own economic decisions help us see more clearly?

• The global economy

• Our own decisions and how our choices influence the economy

• The stock market trends

• The history of economics

Which of the following is NOT a component of the larger economic structure?

• Wealth

• Resources

• Production and consumption of goods

• Personal hobbies

Why is it easy to forget how our actions affect the larger economy?

• Because the economy is too complex

• Because we are focused on our daily lives

• Because our actions have no impact

• Because the economy is only influenced by large corporations

What does the study of economics help us understand?

• The history of ancient civilizations

• The ways in which money is created and used in society

• The behavior of animals

• The structure of the human brain

Which of the following statements is true about the economy?

• Only people who work are part of the economy

• Everyone, regardless of their activities, is part of the economy

• The economy only includes businesses and governments

• The economy is only affected by financial institutions