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Review: Unit One

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  • 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. 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. 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. 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. 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. 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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