Why is economic growth important ?

Why is economics considered a social science ?

Explain what the term labor means.

Why do all societies face the problem of scarcity?

How can a careful and accurate budget help you provide for your basic needs?

As a consumer, what role do you play in the circular flow of economic activity?

What are some of the benefits of using this method to make economicchoices?

What four factors of production are necessary to bring clothing to consumers?

Why is it important to evaluate trade-offs and opportunity costs when making choices ?

Do you think Smith's comparison of human laborers to dogs is effective? Why or why not?

How does the meaning of the term trade-off relate to that of the term opportunity cost?

How does the term human capital relate to capital as a factor of production?

How does Smith feel about the boy who worked on the steam engine? What words convey this feeling?

What context clues suggest the meaning of the word wrought?