ECON 272

In Class Exercise One - Introduction

1.  What is economics to you (after having been in this class for a short period of time)?   How did we define it in class?

2.  Why is economics a social science?

3.  Explain the two economic problems or questions that economists address. Make sure you define any words you use in your explanations.

    a.  We must make CHOICES.  Explain why.  Give an example.

    b.  We want COORDINATION in society but it is not always easy to coordinate our plans with others.  Explain why.  Give an example with respect to goods and services in the economy.

4.  What questions do you still have about this material?