Question | Answer |
What is ECONOMICS? |
|
What is the difference between MICROECONOMICS and MACROECONOMICS? You will have to explain both |
| What is the main problem that is studied in economics? |
| Why is that a problem for mankind?(referring to the previous question) |
| What is the difference between SCARCITY and a SHORTAGE? |
| A NEED is something required for survival. List 3 needs |
| A WANT is something desired but not required. List 3 wants that you have |
| List 3 examples of a SERVICE that someone could perform |
| Explain what DURABLE GOODS are. |
| Give 3 examples of DURABLE GOODS. |
| Explain what NONDURABLE GOODS are. |
| Give 3 examples of NONDURABLE GOODS |
| What do the letters TINSTAAFL stand for? |
| What are economists talking about when they use the acronym TINSTAAFL? |
| What is WEALTH? |
| Why are services not included in you wealth? |
| How are WANTS, NEEDS, GOODS and SERVICES alike? |
| WHY is there an economic problem with wants, needs, goods, and services sharing a similar characteristic? (referring to previous question) |
| What is the difference between CONSUMER GOODS and CAPITAL GOODS?(you will have to explain both) |
| Give an example of a PARADOX of VALUE |
| What is the nickname we have for ADAM SMITH? |
| What 2 characteristics did Adam Smith say a good must have in order to have value? | |