Lesson 1.1: Introduction to Economics
Economics studies how people and societies use resources to satisfy needs and wants.
Example: "Scarcity means that resources are limited, forcing people to make choices."
Quiz: What is the basic problem in economics?
How to get the right answer:
Scarcity forces societies to decide how to allocate resources efficiently.
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Lesson 1.2: Supply and Demand
Supply and demand determine prices in a market economy.
Example: "If demand for a product increases and supply stays the same, the price rises."
Quiz: What happens when demand for a product increases?
How to get the right answer:
Higher demand means people are willing to pay more, leading to price increases.
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Lesson 1.3: Economic Systems
Different countries use different economic systems to manage resources.
Example: "The U.S. has a mixed economy, combining free markets and government regulation."
Quiz: What type of economy does the U.S. have?
How to get the right answer:
The U.S. economy has private businesses but also government regulations.
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