Outline of economics

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/outline-of-economics

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the primary focus?The production, distribution, and consumption of goods and services within societies
2. What is the disciplinary classification?Categorized as both a behavioral science and a social science
3. What is economics?Economics is the science that studies how people use limited resources to make, share, and use goods and services.
4. Why is economics called a behavioral science?Because it looks at how people, companies, and governments decide when they want more but have less.

Scarcity: The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
Incentives: Factors, such as financial or social rewards or punishments, that motivate individuals or firms to act in a particular way.
Market Economy: An economic system where decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Microeconomics: The branch of economics that studies the behavior of individual economic agents, such as households and firms, and their decision-making.