CHAPTER 1
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| 1-WHAT IS ECONOMICS ? | IS THE STUDY OF PEOPLE AND CHOICES
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| 2-WHAT ITS OPPORTUNITY COST ? | WHATEVER YOU GIVE UP TO DO SOMETHING
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| 3-SCARCITY IS : | THE TENSION BETWEEN INFINITE WANTS AND FINITE RESOURCES
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| 4-GOVERNMENT OFFICIALS USE ECONOMIC THEORY TO GUIDE ? | PUBLIC POLICY
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| 5-INCENTIVES ARE A SET OF EXTERNAL(RATHER THAN INTRINSIC)__________ THAT EXPLAIN PEOPLES CHOICES. | REWARDS
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| 6-WHAT'S THE DIFFERENCE BETWEEN MACROECONOMICS AND MICROECONOMICS ? | MICRO SI THE STUDY OF INDIVIDUALS AND BUSINESS DECISIONS, WHILE MACRO LOOKS AT THE DECISIONS OF COUNTRIES AND GOVERNMENTS.
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| 7-WHAT WOULD BE AN EXAMPLE OF SOMETHING STUDIED IN MACROECONOMICS ? | INVOLVE GROSS DOMESTIC PRODUCT, UNEMPLOYMENT, INFLATION AND GROWTH RATE.
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| 8-WHAT WOULD BE ONE EXAMPLE OF SOMETHING STUDIED IN MICROECONOMICS ? | MICROECONOMICS IS USED TO EXPLAIN WHY THE PRICE OF A GOOD TENDS TO RISE AS ITS SUPPLY FALLS.
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| 9-GOODS | THINGS OF VALUE THAT CAN BE SEEN AND TOUCH
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| 10-SERVICES | THINGS OF VALUE THAT CANNOT BE SEEN OR TOUCHED
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| 11-PRODUCERS | BUSINESS OWNERS, MANAGERS AND WORKERS
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| 12-CONSUMERS | THOSE WHO BUY OR USE GOODS AND SERVICES
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| 13-RESOURCES | Something used to produce a good or service
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| 15-WHICH ONE OF THE FOLLOWING IS AN EXAMPLE OF AN ECONOMIC GOOD? | B) PAIR OF SNEAKERS
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| 16-WHICH ON OF THE FOLLOWING IS AN EXAMPLE OF AN ECONOMIC SERVICE ? | A) HAIRCUT
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| 17-WHICH ONE OF THE FOLLOWING IS AN EXAMPLE OF A CONSUMER ? | C) PERSON BUYING A PAIR OF JEANS
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| 18-A GOOD OR SERVICE HAS VALUE BECAUSE IT.... | B) SATISFIES A HUMAN WANT OR NEED
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| 19-WHICH IS THE BEST EXAMPLE OF SOMEONE DECIDING HOW TO USE A FACTOR OF PRODUCTION | D)A BAKER DECIDING WHICH BREAD RECIPE TO USE
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| 20-Factors of Production ? | Land Labor and Capital
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| 21-Describe The Factors Of Production | Land: natural resources
Labor: human and animal power
Capital:something that makes other resources more productive
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| 22-Types of Economic Systems | Traditional, Command, Free Market and Mixed economy
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