Economics: Chapter 1

Question 1

Who is the ultimate source of wealth?

Answer 1

God

Question 2

Economics is the study of choices people make in what?

Answer 2

Prodction, distribution, and consumption of goods.

Question 3

How can a prosperous life be maintained?

Answer 3

An efficient economic check

Question 4

What is the Greek term for Economics?

Answer 4

House-law

Question 5

There can be no culture without what?

Answer 5

Economy

Question 6

What is the study of national and international economics and how these major eonomics aer affected by large scale choices and public policies.

Answer 6

Macroeconomics

Question 7

What is the study of specific componets within a major economy and how choices made by individual households and buisnesses affect the economy.

Answer 7

Microeconomics

Question 8

What is the first thing to understand about economics?

Answer 8

All goods have to be worked for

Question 9

Are most people consumers or producers?

Answer 9

Producers

Question 10

What is the study of material life?

Answer 10

Economics

Question 11

What are the three questions that we need to ask?

Answer 11

1. What do we need most?
2. What can we afford?
3. How can we earn enough to get more of the goods we want?

Question 12

What is anything used in the production and distribution of goods and services?

Answer 12

Capital goods

Question 13

What is usefulness?

Answer 13

Utility

Question 14

What is avalibility?

Answer 14

Scarcity