Foundations of Economics Unit 1 Review

Front

What 3 things must we know about an economy to identify the type of economy it is?

Back

Production, distribution, and consumption

Front

You purchase a non-refundable ticket to see a movie. Halfway through the movie you realize that it's the worst movie you've ever seen. You decide to leave because you don't want to waste your time. What economic concept best explains your decision to leave?

Back

Sunk Cost

Front

What is Jeff giving his brother for doing the dishes?

Back

An incentive

Front

What is the decision-making process called when weighing the advantages and disadvantages of going to college versus starting a career?

Back

Cost-Benefit Analysis

Front

Deciding how to spend one more unit of a resource

Back

Thinking at the Margin

Front

Definition: All resources are limited

Back

Scarcity

Front

The Production Possibilities Frontier (PPF) measures

Back

The efficiency of an economy

Front

At its core, economics is about studying

Back

choices

Front

You are tired of chewing your gum in class, so you stick it under your desk. You would probably never do this to your desk at home. Which economics concept explains this?

Back

Tragedy of the Commons

Front

To an economist, land means

Back

natural resources