Economics: Module 1 Note Taking Guide

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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?_______________________________________________________________
________________________________________________________________________________________
2. What are the differences in microeconomics and macroeconomics?_________________________________________
__________________________________________________________________________________________________
3. What is scarcity? Opportunity cost? Choice? __________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________
4. What is TRIBE? How is this used in demand? ___________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________
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? ____________________________________________________________________
________________________________________________________________________________________
8. What are some forms of currency? __________________________________________________________
9. Why is money valuable? __________________________________________________________________
10. What does it mean for money to retain its “face value”?_________________________________________
________________________________________________________________________________________
11. What is counterfeiting? Why is it dangerous to the economy? ___________________________________
________________________________________________________________________________________
12. What three questions do economists seek to answer? __________________________________________
________________________________________________________________________________________
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? _____________________________________
________________________________________________________________________________________
15. Which direction, when looking left to right, does a demand graph go? What about a supply graph? ______
________________________________________________________________________________________
16. What do the words surplus and shortage mean when talking about equilibrium price? _________________
________________________________________________________________________________________
17. What are the four distinct functions of money? ________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
18. What are six characteristics of money? _____________________________________________________
________________________________________________________________________________________
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.
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