ECONOMICS UNIT 1 INTRODUCTION TO ECONOMICS STUDY
GUIDE // A+ GRADED PRESENTATION // SCARCITY CHOICE
OPPORTUNITY COST ECONOMIC SYSTEMS AND MARKET
FOUNDATIONS FOR STUDENT MASTERY // ACADEMIC YEAR
2025/2026
Need - CORRECT ANSWER-Something that is required for survival.
Shelter, food, clothing etc...
Want - CORRECT ANSWER-Something that isNOT required for survival.
Economics - CORRECT ANSWER-the social science that seeks to
describe how individuals, societies and countries solve the problem of
scarcity
Command economy - CORRECT ANSWER-An economic system in which
the government makes all economic decisions. There is no private
ownership, consumer sovereignty, or competition. Countries include North
Korea and Cuba
Market Economy - CORRECT ANSWER-A type of economy where
products, prices, and services are determined by the market, not the
government. AKA = Capitalism; countries include UK, Germany, Mexico,
and USA
Three basic economic questions faced by every economy - CORRECT
ANSWER-What to produce, how to produce it and for whom it should be
produced. This is concerned with how we allocate our scarce resources.
GUIDE // A+ GRADED PRESENTATION // SCARCITY CHOICE
OPPORTUNITY COST ECONOMIC SYSTEMS AND MARKET
FOUNDATIONS FOR STUDENT MASTERY // ACADEMIC YEAR
2025/2026
Need - CORRECT ANSWER-Something that is required for survival.
Shelter, food, clothing etc...
Want - CORRECT ANSWER-Something that isNOT required for survival.
Economics - CORRECT ANSWER-the social science that seeks to
describe how individuals, societies and countries solve the problem of
scarcity
Command economy - CORRECT ANSWER-An economic system in which
the government makes all economic decisions. There is no private
ownership, consumer sovereignty, or competition. Countries include North
Korea and Cuba
Market Economy - CORRECT ANSWER-A type of economy where
products, prices, and services are determined by the market, not the
government. AKA = Capitalism; countries include UK, Germany, Mexico,
and USA
Three basic economic questions faced by every economy - CORRECT
ANSWER-What to produce, how to produce it and for whom it should be
produced. This is concerned with how we allocate our scarce resources.
