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Econ ch 1 key concepts

Authored by John Martin

Computers

9th - 12th Grade

Used 8+ times

Econ ch 1 key concepts
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the idea that people choose something when the advantages of doing so outweigh what you have to spend in time, money, or effort.

Thinking at the margins principle

cost versus benefits principle

Cost

positive economics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the idea that people respond to incentives in generally predictable ways

normative economics

Incentive

Economics

incentives-matter principle

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the idea that many decisions involve choices about using or doing a little more or a little less of something rather than making major changes.

Variable thinking

Cost versus benefits principle

incentives-matter principle

thinking-at-the-margins principle

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the branch of economics that used objective analysis to find out how the economy ACTUALLY works.

Microeconomics

positive economics

normative economics

cost-benefit analysis

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adam Smith's metaphor to explain how an individual's pursuit of economic self-interest can promote the well-being of society as a whole.

Trade makes people better off principle

Positive economics

"invisible hand"

incentives-matter principle

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the general observation that the actions of people and governments always have effects that are not expected or intended.

Cost versus benefits principle

Law of Unintended Consequences

Thinking at the margins

Macroeconomics

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

something that motivates a person to take a particular course of action.

Benefit

Marginal thinking

Incentive

Future consequences count principle

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