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Worksheets12 elements
Total questions: 30
Worksheet time: 14mins
You simply cannot get the good or the service
shortage
scarcity
You can get the goods, resources, and services, but you have to give u something for them - usually money.
shortage
scarcity
The point of "I Pencil" story is
pencils are more complex that you think. they should be taxed at every step in the process of production with a value added tax.
cooperation from around the world from people who will never know each other create what we want and need in the marketplace.
We have an astonishing variety of products and services at affordable prices because:
some smart is in charge
no one is in charge
Beautiful and complex systems and things happen without a government mastermind in charge. In fact the most important things cannot happen when their is government interference.
false dat
true dat
Changes in benefits and costs will influence choices in a predictable manner.
incentives matter
benefits are beneficial
costs are costly
What happens when a city or state implements rent control?
People will not build low-cost housing.
People will build more low cost housing.
Why are medical doctors, corporate lawyers, engineers, and professional athletes paid so much money (3)
It is important to pay super-normal minds enough to engage in activities we really want.
It is important to pay super-normal talents enough to keep them doing what we want them to do.
Talented, conscientious, and intelligent people will not trouble themselves to do these difficult professions if they are not paid enough to interest them in doing it.
They are mean and greedy and greedy and mean and so mean and so greedy and greedy and mean.
Market decisions are made
by your fairy god mother
on the margin
Trade promotes
economic progress
longer naps
lizards who'd rather by dinosaurs
Regardless of how you like to spend your time, time spent on one thing is:
the time you shouldn't have spent on that.
time you could have spent on something else.
The Bronx --- looked like an active and vibrant community. After rent control it looked ---.
at the turn of the 19th c to 20th c, destroyed almost bombed out
was a bombed out shell, vibrant and alive with commerce
A free market, an African termite mound, and a snowflake are examples of unobserved beauty and ---.
command and control
spontaneous order
Why does rent control destroy low-cost housing?
if landlords cannot legally make a profit they will not build it
because it is okay for everyone to want a profit, to make money and to win the lottery, but if a landlord wants these things he is evil
These three are incentives
pay, wages, salaries, rents, prices
friendship, fun with friends, companionship and love
learning, developing skills, refining techniques, for work, hobbies, or creative interests
prison, illness, visiting Detroit
Why do free market societies pay pilots, doctors, engineers and high-level corporate lawyers, unique and popular artists and musicians so much money
Only a limited number are needed so was pay to get the best
The task is difficult and few people can do it, but we must have them do it and we must find a way to have them continue to do it
They will do something else that is easier and has more free time if we don't pay them enough to keep them on task
they are evil, mean, and greedy and even though I won't work for free they should work for free
Made computers useful to non-experts and continued to emphasize ease of use his entire career
John Rockefeller
Andrew Carnegie
Cornelius Vanderbilt
Steve Jobs
Created perfect strong and safe to use steel at 1/10th the price. He is the reason we have bridges, tall buildings and railroads
Steve Jobs
John Rockefeller
Cornelius Vanderbilt
Andrew Carnegie
Saved the whales by creating cheap kerosene, invented the oil pipeline and the railroad tanker car. Invented 100 products from petroleum. reduced the price of oil products to 1/10th their previous price.
Cornelius Vanderbilt
Andrew Carnegie
John Rockefeller
Steve Jobs
Reduced the cost of ocean, river (ferry boats), and railroad travel for cargo and for passengers to 1/7th its previous price..
Cornelius Venderbilt
Andrew Carnegie
Steve Jobs
John D. Rockefeller
This is ---
Half Dome in Paris
Half Dome in Yosemite
Half Dome New York
Full Dome
This building is ---
The White House (executive mansion)
Costco Merced
Walmart
Supreme Court Building
Capitol Hill (where the House of Representatives and Senate meet)
Supreme Court Building
White House
My House
This is ---
The Korean War Memorial
The Vietnam War Memorial
World War Two Memorial
War of 1812 memorial
This is a ---
Chicken Hawk
Road Runner
Kestrel
Bugs Bunny
This is ---
Ron DeSantis
Juan DeSantis
Johnny DeSantis
Desiree DeSantis
This is a ---
Mule Deer Doe
Mule Deer Buck
strange cow
stranger things goat
This is a ---
Hereford
Holstein
Angus
Jersey
This is a ---
Quarter Horse
Elephant
Kitten
Dog
This is ---
Supreme Court Building
White House
Capitol Hill
FBI building
