Please sit in your seat and wait for further instructions Economic Basics Please sit in your seat and wait for further instructions

What is economics? Economics is the study of how people seek to satisfy their needs and wants by making choices among scarce resources. Every economic choice involves trade-offs.

Even in a wealthy society like the United States, everyone must make economic choices

How does economics affect everyone? In what ways do you think economics has an impact on people? To begin analyzing this question, think about a typical school day, and list your major activities, including eating, after-school or evening activities, going to work, traveling to and from these places, and entertainment. For each activity, write down whether or not you think economics affected what you did and how so.