Economics Review Unit One

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  • 1. When you make a decision,this is what you give up,your second best choice Opportunity Cost 1
  • 2. What are thebasic economicquestions? What?  How? For whom? 2
  • 3. What is the largestopportunity cost ofattending college? 3
  • 4. Name 3characteristcs of a amarket economy 4
  • 5. Who benefits from a voluntary,economic transaction. 5
  • 6. 7 According to the economic perspective, You should go to a movie if........ ________________________________ ________________________________ __________________________ 6
  • 7. This characteristic of amarket economy leadsto lower prices andbetter quality andservice. Competition 7
  • 8. Name adisadvantage of acommand economy 8
  • 9. Name two things thatPPC curves tell us 9
  • 10. What is the differencebetween trade­offs andopportunity costs 10
  • 11. Wants > Availability ofresources = ? Scarcity 11
  • 12. Name a capital good 12
  • 13. Give an exapmle of aneconomic incentive 13
  • 14. If something becomes morecostly, people generally do Less_____________ of that activity. 14
  • 15. Needs vs. Wants 15
  • 16. According to theeconomic perspective,what does every choicehave? A Cost 16
  • 17. This term meansmaximizing output from agiven set of resources Efficiency 17
  • 18. A measure of the amount of output produced by a given amount of inputs in a specific period of time. Specialization 18
  • 19. Individuals sell scarceresources in this marketof the circular flow model Resource Market 19
  • 20. Give me an example of anopportunity cost 20
  • 21. 21
  • 22. Which factor ofproduction includesnatural resources,e.g., Oil. Land 22
  • 23. benefit or satisfaction Utility 23
  • 24. Why are butchers motivated toproduce steaks in a marketeconomy? 24
  • 25. What was the coolestdocument written in1776? The Wealth of Nations, by Adam Smith 25
  • 26. TANSTAAFL 26
  • 27. Why did Adam Smithwrite about a pin factory 27
  • 28. Why some essentials areinexpensive and non­essentialsare very expensive Paradox of Value 28
  • 29. The sum of peoples skillsabilities, and motivaiton. Human Capital 29
  • 30. Why is the economicperspective unpopular? 30
  • 31. What happens tothe opportunitycosts as youmove from a to bto c. What termdescribes thiseffect? 31
  • 32. 32