Unit 1 Thinking Like an Economist

What is a future consequence of going to college?

• a higher paying job

• better opportunities

• student loan debt

• having an amazing 4 years

If I decide to ride my bike rather than drive, what is my opportunity cost for that choice?

• No air conditioner

• Easier in traffic

• Better on gas

• Get there faster

When I make a choice, the best thing I give up for that choice is my

• cost/benefit

• incentive

• opportunity cost

• choice

Making small changes to gain small benefits is called

• marginal thinking

• cost/benefit

• tradeoff

• choice

Why must we always make choices?

• unlimited wants/unlimited resources

• limited wants/unlimited resources

• limited wants/limited resources

• unlimited wants/limited resources

Something that encourages me to act a certain way is called

• incentive

• cost/benefit

• thinking at the margin

• tradeoff

Economics is the study of

• money

• stocks

• choices

• graphs

The image represents which concept?

• future consequence

• incentive

• marginal thinking

• tradeoff

The image represents which concept?

• future consequence

• incentive

• marginal thinking

• tradeoff

When I considered the positives and negatives of something I am thinking of the

• incentive

• cost/benefit

• tradeoff

• opportunity cost