Lesson 1 Lists

Question 1

Economics is divided into what two parts

Answer 1

1) microeconomics

2) macroeconomics

Question 2

What three questions/choices does scarcity lead to?

Answer 2

1) what to produce
2) how to produce
3) for whom to produce

Question 3

Name 2 types of economic products

Answer 3

1) Goods

2) services

Question 4

Name the 4 types of goods

Answer 4

1) Durable Good
2) Non-Durable Good
3) Consumer Good
4) capital Good