Study Guide for Economics and Personal Finance

What are stocks?

• sharing something

• An ownership share in a company

• A graph with pointy arrows that are red and green

Which unit deals with how to make better decisions?

• Unit 1: Scarcity and Decision-Making

• Unit 2: Microeconomics

• Unit 3: Economic Health

• Unit 4: International Trade and Development

• Unit 5: Personal Finance

Which unit deals with how to make a budget, pay for college, or save for retirment?

• Unit 1: Scarcity and Decision-Making

• Unit 2: Microeconomics

• Unit 3: Economic Health

• Unit 4: International Trade and Development

• Unit 5: Personal Finance

Disposable income

• Income after all deductions have been paid

• Income before all deductions have been paid

• I don't know. Leave me alone!

• Income left over after all expenses are paid.

What is economics about?

• money

• the stock market

• how to run a business

• the best way to use scarce resources to achieve your goals

When our resources are insufficient to satisfy our wants/goals, we call that_______.

• life

• scarcity

• reality

• poverty

What is Economics?

• The study of the supreme court decisions

• The study of the choices people make to satisfy their unlimited wants and needs.

• The study of the environmental rights in society

• The study of historical choices in American Politics

A limited amount of resources to meet unlimited wants and needs.

• Scarcity

• Opportunity Cost

• Bartering

• Economics

What are the 3 basic Economic questions?

• Who, what, and for when to buy?

• Why, for what, and for whom to decide?

• When, why, and how to galvanize?

• What, how, and for whom to produce?

Which of the following is an example of a trade off?

• Buying popcorn or ice cream

• Going to class and having fun

• Wearing a sweater during the winter

• None of the above