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Frage 1
Frage
What are the 3 Economic Ideas?
1. [blank_start]People are rational[blank_end]
2. [blank_start]People respond to economic incentives[blank_end]
3. [blank_start]Optimal decisions are made at the margin[blank_end]
Antworten
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People are rational
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People respond to economic incentives
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Optimal decisions are made at the margin
Frage 2
Frage
Why do people make choices?
Antworten
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People make choices as they try to attain their goals
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People make choices because resources are scarce
Frage 3
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What are the 3 economic fundamental questions
1. [blank_start]What goods and services will be produced[blank_end]?
2. [blank_start]How will goods and services be produced[blank_end]?
3. [blank_start]Who will receive the goods and services[blank_end] produced?
Antworten
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What goods and services will be produced
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How will goods and services be produced
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Who will receive the goods and services
Frage 4
Frage
What are the 2 opposing answers to the 3 fundamental economic questions
Antworten
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centrally planned market
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market economy (price system)
Frage 5
Frage
The following statement: "gas prices are too low" is what kind of statement:
Antworten
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normative
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positive
Frage 6
Frage
Define market, economics, and scarcity.
1. Market: [blank_start]group of buyers/sellers of a good or ser[blank_end][blank_start]vice and the institution or arrangement[blank_end] [blank_start]by which they come together to trade[blank_end]
2. Economics: [blank_start]analyzing how people make choices[blank_end] [blank_start]and interact in markets[blank_end]
3. Scarcity: [blank_start]situation in which[blank_end] [blank_start]unlimited wants exceed the limited res[blank_end][blank_start]ources available to fulfill those wants[blank_end]
Antworten
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group of buyers/sellers of a good or ser
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vice and the institution or arrangement
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by which they come together to trade
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analyzing how people make choices
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and interact in markets
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ources available to fulfill those wants
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unlimited wants exceed the limited res
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situation in which
Frage 7
Frage
People make decisions because of scarcity
Antworten
- True
- False
Frage 8
Frage
Define opportunity cost.
Opportunity cost: [blank_start]the highest valued alternative that must[blank_end] [blank_start]be given up to engage in an activity[blank_end]
Antworten
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the highest valued alternative that must
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be given up to engage in an activity
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