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........
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Sep 22 ­ 8:42 AM Sep 22 ­ 8:39 AM
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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
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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
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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
people's 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
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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 people's skills perspective unpopular?
abilities, and motivaiton.
Sep 22 ­ 8:47 AM Sep 22 ­ 9:20 AM
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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