Fundamentals of Economic Concepts

Fundamentals of Economic Concepts

Assessment

Interactive Video

Business, Social Studies, Economics

9th - 12th Grade

Practice Problem

Hard

Created by

Patricia Brown

FREE Resource

Miss Benson explains basic economic concepts, emphasizing that economics is about people's choices, not money. She distinguishes between microeconomics, focusing on individual decisions, and macroeconomics, which looks at national economic issues. Economists analyze data to provide advice, using positive and normative statements. Marginal analysis helps in decision-making by weighing extra benefits against costs. Opportunity cost is the next best alternative foregone. Economic models are simplified using ceteris paribus to focus on specific variables.

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics according to the introduction?

Business profits

People's choices and behaviors

Money and finance

Government policies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which branch of economics studies individual choices and decisions?

Macroeconomics

Microeconomics

International economics

Behavioral economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does macroeconomics focus on?

Business management

Local market trends

National and global economic issues

Individual consumer behavior

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of statements do economists use to describe how things actually are?

Positive statements

Normative statements

Theoretical statements

Hypothetical statements

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of normative statements in economics?

To predict future trends

To analyze past data

To suggest improvements or actions

To describe current economic conditions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does marginal analysis involve?

Calculating total costs

Weighing additional benefits and costs

Analyzing historical data

Predicting future profits

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, what does the term 'marginal' refer to?

Total

Average

Extra or additional

Minimal

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