1. Economics
What is “Economics”

2. Introduction How would you define economics?
Why are some people and nations wealthy and others poor?

3. Key Terms Economics: Economy:
the study of how people choose to use their limited resources to satisfy their unlimited wants
Economy:
a system used to manage limited resources for the production, distribution, and consumption of goods and services

4. Key Terms Economic Enigma: Resource:
a puzzle or riddle that may be explained through economic analysis
Resource:
Anything used to produce an economic good or service

5. Key Terms Microeconomics: Macroeconomics:
the study of the economy at the level of individuals, households, and businesses
Macroeconomics:
the study of the workings of the economy as a whole

6. Key Terms Positive Economics: Normative Economics:
the branch of economics that uses objective analysis to find out how the economy actually works
Normative Economics:
the branch of economics that makes value judgments about the economy; its focus is on which economic policies should be implemented

7. ECONOMICS
Follow these steps to write a nine-line acrostic poem explaining what economics is about.
Write the term ECONOMICS vertically along the left side of this page. Begin each line with a word that starts with the appropriate letter.
Each line must help answer the question, what is economics all about?
Include the following terms somewhere in your acrostic: enigma, resource, normative economics, and positive economics.

8. ECONOMICS E C O N M I S