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QR Challenge: Chapter 1-1 Comprehension: Scarcity and the Science of Economics

QuestionAnswer
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?

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