Fill in the blanks for the 3 Reasons to Love Econ!

Economics teaches you how to weigh advantages and ​ (a)   to help you make better ​ (b)   .

2. Econ helps you forget about the past in order to ​ (c)   you in the ​ (d)   .

3. Unlike other subjects that pretend to be relevant, Econ literally is all about ​ (e)   !

• disadvantages
• choices
• empower
• future
• YOU

Sunk costs are...

• Costs that were part of a cruise ship that sunk

• Costs that will end in a product

• What a producer pays to supply a product to a market

• Costs that cannot be recovered

A sewing machine would be an example of a .....

• human resource

• capital resource

• natural resource

• none of the above

what is Human Capital?

• Money Assets of a Company

• Immigration of people into America

• Treating yourself to a nice dinner

• A worker's skill, knowledge, and experience

Which of the following is an investment in your own Human Capital? Select all that apply

• On the job training

• Getting an college degree

• Attending a workshop in your occupation

• Donating clothes to the local Goodwill

What would cause one job to pay more than another?

• The age of the individual

• The number of french fries the person can eat in a minute

• How much fun they have while they work

• The length of training, level of education, and the difficulty of the job

Brian is a mechanic. Which of the following ways can he increase his Human Capital?

• Working on multiple cars at the same time

• Asking his employer for a raise

• Attending classes to improve his skills

• Hoping for a promotion without actually in any of the work

Match the following pictures that best represent the descriptions of the 3 Basic Principles of Economics

• choices = self-interest & incentives

• 
• scarcity (limited resources)

• 
• opportunity cost

• 

Draw an example of capital

A company that builds houses pays each carpenter for the work he or she does.  Which factor would NOT affect the amount of money the carpenter gets paid?

• the special skills the carpenter has
• the kind of car the carpenter drives
• the years of experience the carpenter has
• the number of hours the carpenter works