Economics: Module 1 Note Taking Guide
As you read through module 1, use this guide and fill in the blanks for each section. This is not graded,
but it will help you immensely on your discussions, tests, and quizzes!
1. How is economics defined?_______________________________________________________________
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2. What are the differences in microeconomics and macroeconomics?_________________________________________
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3. What is scarcity? Opportunity cost? Choice? __________________________________________________________
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4. What is TRIBE? How is this used in demand? ___________________________________________________________
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5. What is equilibrium price? _________________________________________________________________
6. What is money? ________________________________________________________________________
7. If you have to choose between getting a car or taking a trip to Hawaii and you choose the car, what is your
opportunity cost? Why? ____________________________________________________________________
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8. What are some forms of currency? __________________________________________________________
9. Why is money valuable? __________________________________________________________________
10. What does it mean for money to retain its “face value”?_________________________________________
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11. What is counterfeiting? Why is it dangerous to the economy? ___________________________________
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12. What three questions do economists seek to answer? __________________________________________
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Economics: Module 1 Note Taking Guide
13. A shift to the right indicates a ______________ in demand.
14. What does ROTTEN stand for? How is this used in supply? _____________________________________
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15. Which direction, when looking left to right, does a demand graph go? What about a supply graph? ______
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16. What do the words surplus and shortage mean when talking about equilibrium price? _________________
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17. What are the four distinct functions of money? ________________________________________________
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18. What are six characteristics of money? _____________________________________________________
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19. Using the examples in Lessons 1.04, 1.05, and 1.06, draw a rough example of a demand graph, supply
graph, and equilibrium price graph below for you to reference later.