Introduction to Economics

You can spend more time together as a family.

Your cousin is having a birthday party in Medellin that you won't be able to go to.

You can go for walks in the countryside with your dog.

books

water

education

transport

food

a method used to prevent someone making a decision

a method used to encourage someone to make a decision

utility

incentive

cost

choice

the study of money and how it is used

the study of how individuals and societies satisfy their unlimited wants with limited resources

the way business influences the world

the study of how things become scarce

a shortage of a resource

the decision to do one activity and not another

lack of basic resources

when something we want is in short supply

You want to be fresh and full of energy tomorrow.

You are worried that you might be getting sick.

You share a room with your sister and she won't be able to sleep if you keep the light on.

Your last assignment wasn't very good and the teacher gave you a 3.0.

True

False

You don't have to wash the dishes.

You have to give the waiter a tip.

You can spend some relaxing time with your family.