Part 2: The Economic Way of Thinking

1. The Economic Way
of Thinking
(Part 2)

2. 4. People create economic systems to influence
choices and incentives.

3. 4. People create economic systems to influence
choices and incentives.
✘
✘

4. ✘ ✘ ✘
4. People create economic systems to influence
choices and incentives.

5. ✘
✘
4. People create economic systems to influence
choices and incentives.

6. 4. People create economic systems to influence
choices and incentives.

7. ✘
✘
4. People create economic systems to influence
choices and incentives.

8. 4. People create economic systems to influence
choices and incentives.
What parts of each economic system does the
United States have?
Market
Command
Traditional

9. ✘
✘
✘
5. People gain from trade voluntarily.

10. ✘
✘
✘
6. People’s Choices Have Consequences for the
Future.

11. ✘
✘
6. People’s Choices Have Consequences for the
Future.

12. ✘
✘
6. People’s Choices Have Consequences for the
Future.

13. 6. People’s Choices Have Consequences for the
Future.
○
○
○

14. 6. People’s Choices Have Consequences for the
Future.
○
○
○

15. ✘
✘
6. People’s Choices Have Consequences for the
Future.

16. ✘
✘
✘
≥
7. Economic thinking is marginal thinking.

17. ✘
✘
Days
Total
Price
Average Price
(Price / Day)
Rates for Park Hopper tickets to WDW, Florida
Marginal Price
7. Economic thinking is marginal thinking.

18. ✘
✘
✘
✘
8. The value of a good or service is affected by
people’s choices.

19. ✘
✘
✘
9. The test of a theory is its ability to predict.