Module 1: Economics

Decisions you make today will influence your financial situation tomorrow. You make these decisions based on supply and demand, needs and wants, incentives, scarcity, and inflation. All of this can be summarized by “your current economic situation.” Limited personal financial resources affect the choices you make. You may have to give up one item to have a more valuable item (opportunity cost). When making large financial decisions, you should not make decisions on a whim. Instead, you should follow a detailed plan.

Pre-Assessment:

Pre-Assessment InteractivityView a printable version of this interactivity.

 

 

 

 

Key Vocabulary:

To view the definitions for these key vocabulary terms, visit the course glossary.

Competition Exhaustible Marginal Benefit Renewable
Demand Externalities Marginal Cost Scarcity
Economics Factors of Production Money Services
Elasticity Goods Needs Supply
Entrepreneur Incentives Opportunity Cost Wants
Entrepreneurship Inelastic Price Ceiling  
Equilibrium Inflation Price Floor