1. Explain why economics is a study of choices. Why do we have to make choices?
2. What are the economic resources? Why are they scarce?
3. Outline the differences between macroeconomics and microeconomics.
4. What are the economic questions? How is each question answered?
5. Outline the interaction of supply, demand, and price.
6. What is the difference between a buyers and a sellers market? Provide examples of each in your answer.
7. What causes equilibrium? How does price react?
8. What is the marginal principle? How can you apply it as a consumer?
9. & 10. We all hear talk about the dependency of oil and how higher oil prices affect our economy. Why have we not made greater strides to energy efficiency? Make sure you have at least two references to back your opinion.