reviewunitone.notebook                                       September 27, 2010     When you make a decision,             ...
reviewunitone.notebook                              September 27, 2010     This characteristic of a     Name a     market ...
reviewunitone.notebook                                September 27, 2010     Give an exapmle of an        If something bec...
reviewunitone.notebook                                September 27, 2010   Individuals sell scarce        Give me an examp...
reviewunitone.notebook                               September 27, 2010   What was the coolest           TANSTAAFL   docum...
reviewunitone.notebook                          September 27, 2010                             What happens to            ...
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Review: Unit One

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Review: Unit One

  1. 1. reviewunitone.notebook September 27, 2010 When you make a decision, What are the this is what you give up, basic economic your second best choice questions? Sep 22 ­ 7:23 AM Sep 22 ­ 7:27 AM What is the largest Name 3 opportunity cost of characteristcs of a a attending college? market economy Sep 22 ­ 7:35 AM Sep 22 ­ 7:35 AM 7 According to the economic Who benefits from a voluntary, perspective, You should go to a economic transaction. movie if........ ________________________________ ________________________________ __________________________ Sep 22 ­ 8:42 AM Sep 22 ­ 8:39 AM 1
  2. 2. reviewunitone.notebook September 27, 2010 This characteristic of a Name a market economy leads disadvantage of a to lower prices and command economy better quality and service. Sep 22 ­ 7:36 AM Sep 22 ­ 7:37 AM Name two things that What is the difference PPC curves tell us between trade­offs and opportunity costs Sep 22 ­ 7:37 AM Sep 22 ­ 7:37 AM Wants > Availability of resources = ? Name a capital good Sep 22 ­ 7:37 AM Sep 22 ­ 7:37 AM 2
  3. 3. reviewunitone.notebook September 27, 2010 Give an exapmle of an If something becomes more economic incentive costly, people generally do _____________ of that activity. Sep 22 ­ 7:47 AM Sep 25­9:38 AM According to the Needs vs. Wants economic perspective, what does every choice have? Sep 25­9:36 AM Sep 22 ­ 7:47 AM This term means A measure of the amount of  maximizing output from a output produced by a given  given set of resources amount of inputs in a specific  period of time. Sep 22 ­ 7:47 AM Sep 22­10:22 AM 3
  4. 4. reviewunitone.notebook September 27, 2010 Individuals sell scarce Give me an example of an resources in this market opportunity cost of the circular flow model Sep 22 ­ 7:47 AM Sep 22 ­ 7:47 AM Which factor of production includes peoples skills and abilities Sep 22 ­ 7:47 AM Sep 22 ­ 7:47 AM benefit or satisfaction Why are butchers motivated to produce steaks in a market economy? Sep 22 ­ 7:47 AM Sep 22 ­ 10:17 AM 4
  5. 5. reviewunitone.notebook September 27, 2010 What was the coolest TANSTAAFL document written in 1776? Sep 22 ­ 7:47 AM Sep 22 ­ 7:47 AM Why did Adam Smith Why some essentials are write about a pin factory inexpensive and non­essentials are very expensive Sep 22 ­ 7:47 AM Sep 22 ­ 8:46 AM Why is the economic The sum of peoples skills perspective unpopular? abilities, and motivaiton. Sep 22 ­ 8:47 AM Sep 22 ­ 9:20 AM 5
  6. 6. reviewunitone.notebook September 27, 2010 What happens to the opportunity costs as you move from a to b to c. What term describes this effect? Sep 22 ­ 7:47 AM 6

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