Economics Unit 1

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

Focusing in on one or a few aspects of production

• Production Possibilities Curve

• Opportunity Cost

• Specialization

• Barter

Little Jon makes it a priority to attend every school day his senior year in order to pass his classes. In economics, he is responding to...

• mixed economies

• Traditional Costs

• Incentives

• Barter system

▪Government serves to protect both producers and consumers from unfair policies and practices

• Mixed Economies

• market Economies

• traditional Economies

• command Economies

A local yard sale would be considered which economic system?

• Mixed Economies

• Market Economies

• traditional Economies

• command Economies

According to Adam Smith, everyone makes decisions that are best for themselves

• MACRO Economics

• Opportunity Costs

• Invisible Tradeoff Theory

• Invisible Hand Theory

What does utility in economics refer to

• giving up one product for another without sacrificing resources

• the study of making choices to satisfy their unlimited wants and needs

• trading one set of goods for another not using money

• advantage of fulfillment a person receives from consuming a good or service

This economic system is resistant to change and technology

• command economies

• traditional economies

• mixed economies

• market economies

Government or other central authority makes all economic decisions

• Mixed Economies

• Traditional Economies

• Market Economies

• Command Economies

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

• Scarcity

• Opportunity Cost

• Bartering

• Economics