Economics & Essential Skills
Economics is defined as how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants. Scarcity has prevented people from satisfying all their needs and wants. Scarcity means that people do not and cannot have enough income and time to satisfy their every want; therefore, people are forced to make choices about how they will use their resources.
The notion of TINSTAAFL, which stands for “There Is No Such Thing As A Free Lunch,” is often used to remind us that resources are scarce and that we must make careful economic decisions regarding what, how, and for whom to produce. Scarce resources are divided into four factors of production needed in the production of all goods and services: land, labor, capital, and entrepreneurship. Economic models help economists analyze problems. Scarcity is possibly the most used word in the study of economics.
Economists construct models to investigate the way that economic systems work and test the models to determine if it is a good representation of reality. We concluded class with the nuclear survivor worksheet.
Here is an example of a typical quiz for this Econ class. It's based on a homework reading assignment. Notice that it is a fill in the blank type question and answer format.
1. The fundamental economic problem is ___scarcity_____.
2. The three basic economic questions everyone must answer are ___ WHAT to produce, HOW to produce, FOR WHOM to produce _______.
3. The economic concept of __ wealth ____ is the sum of those economic products that are tangible, scarce, useful, and transferable from one person to another.
4. The _ market __, a location or other mechanism that allows buyers and sellers to exchange a certain economic product, is the key feature of the circular flow of economic activity.
5. Opportunity cost is the __ cost of the next best alternative use of money, time, or resources when one choice is made rather than another ___.
6. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed is the __ production possibilities frontier _____.
Labor Day, a public holiday or day of festivities held in honor of working people in the US on the first Monday in September. In many other countries it is celebrated on May 1 and may be called by another name.
It is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.
Opportunity is always knocking. The problem is that most people
have the self-doubt station in their head turned up way too loud to
Opportunity dances with those who are already on the dance floor.
Success comes in cans, failure in can'ts.
People often say that motivation doesn't last. Well, neither does
bathing - that's why we recommend it daily.
Life is not about how fast you run, or how high you climb, but how
well you bounce.