Intro

Question 1

What is Economics?

Answer 1

A social science which studies human behavior in the face of limitless needs and wants and limited resources from which to fulfill them.

Question 2

What are Needs?

Answer 2

Needs are things we need for basic survival. Needs must be satisfied first.

Question 3

What are Wants?

Answer 3

Wants are those things we desire after our needs have been satisfied - they aren’t necessary for survival.

Question 4

What is Sustainability?

Answer 4

Meeting our needs and wants without compromising on the ability of future generations to meet their needs and wants.

Question 5

What are the 3 Pillars of Sustainability?

Answer 5

1. Economic sustainability - Creating a stable economy where people can work for a fair wage.
2. Social sustainability - creating a just and equal society.
3. Environmental sustainability - protecting the environment and reducing our carbon emissions.

Question 6

What are Positive Economic Statements?

Answer 6

Statements that can be proven true or false and are based on facts.

Question 7

What are Normative Economic Statements?

Answer 7

Based on opinions on what should occur in an economy.

Question 8

What is Opportunity Cost?

Answer 8

This is the item you forgo when choosing between two alternatives.

Question 9

What are Key Economic Events?

Answer 9

Major events that cause a ‘shock’ for markets include:
- Great Depression
- WWII
- Covid