Economics and Decision-Making Worksheet

Front

What is the purpose of the PACED decision-making model?

Back

To make important decisions in a thoughtful way

Front

What does PACED stand for?

Back

Problem, Alternatives, Criteria, Evaluate, Decision

Front

Competition in a market economy:

Back

Regulates economic activity.

Front

What does the "invisible hand" do in a market economy?

Back

Guides resources to their most valued use

Front

Why does the scarcity problem exist?

Back

People have unlimited wants

Front

In a market economy, who owns most of the resources and makes decisions about how they are used?

Back

Individuals

Front

What market force is the “motivator” of economic activity?

Back

Self-interest

Front

How does self-interest benefit society?

Back

Motivating people to work and produce goods and services.

Front

Competition in a market economy:

Back

Regulates economic activity.

Front

What does the "invisible hand" do in a market economy?

Back

Guides resources to their most valued use