1.02 What is Economics?
Terms to know:
Economic Products
Economics
Macroeconomics
Economists
Microeconomics
Can you name 3 ways (not found in the lesson) that Economics plays a
role in your everyday life?
1
2.
3.
Matching….
Microeconomics
Macroeconomics

Buying groceries

Raising taxes

Starting a babysitting business

Shopping at the mall

Negotiating a trade agreement with
another nation

Going for coffee with friends

Adjusting the Federal Funds Rate

Rising Unemployment Rates

Getting a raise at your job
1.02 What is Economics?
Where does stuff come from? Stuff does not just exist, it needs
to be produced by humans. The Basic Economics Questions
explain why goods and services come into existence. By
answering the questions, we can find why things are made….
What to produce? How to produce? For whom to produce?
Let’s say you are going to open your own business. Think about
some of the needs of your community….

What will you produce?

How will you produce it?

For whom will this be produced?