📌 Economic is an adjective related to trade, industry, money, business, and the economy, whereas economical describes something that uses few resources or uses them carefully and efficiently.
Economic concerns the economy; economical concerns efficient resource use.
Household management → family finances → national and global economic system.
1. What does the economy refer to?
2. Why must individuals, businesses, and governments make economic choices?
3. A city has a limited budget and must choose between repairing roads and expanding public transport. What economic consequence of scarcity does this situation demonstrate?
What does the adjective 'economic' relate to?
Trade, industry, money, business, and the economy.
What does 'economical' describe about resource use?
Using few resources or using them carefully and efficiently.
What is the economy?
The system for producing, distributing, selling, and purchasing goods and services.
What does economics study?
The production, distribution, and consumption of goods and services under scarcity.
What is the origin of the word economy?
It comes from the ancient Greek word "oikonomia" meaning household management.
What does the scarcity principle state about resources and human wants?
Resources are limited while human wants are unlimited.
It covers the core concepts of Introduction to Economics, organized by topic with the key definitions, explanations and takeaways, so it's easier to learn and remember.
Read the full study guide →The practice quiz has 10 multiple-choice questions, each with an explanation. Use it to check what you know and find your gaps.
Take the quiz (10 questions) →There are 19 flashcards on Introduction to Economics, with a question on the front and the answer on the back. Try to recall each answer before you flip, and let spaced repetition bring back the ones you miss.
See all 19 flashcards →Upload a PDF or paste your notes. Revizly writes a study guide, a practice quiz and flashcards in about a minute.