Goods are the tangible products that we want and/or need. Select an example of a good.

Services are actions that provide us with something that we want and/or need. Provide an example of a service.

Select the best term for the following definition:

The condition that forces us to make decisions about how to best use our resources to satisfy our wants and needs every second of every day

Select the best term for the following definition:

The value of the next best choice NOT chosen when making a decision

Tradeoffs identifies all of the options you are giving up, whereas the

opportunity cost involves evaluating the value of your next best choice.

Which example does not fit the definition of scarcity?

What is the relationship between scarcity and opportunity cost?

True/False: The Factors of Production are used to produce a good or a service.

Which is the term for the following definition: Natural resources and the raw materials that are used to produce goods and services.

Which is the term for the following definition: The mental and physical efforts of people used to produce goods and services.

Which is the term for the following definition: Manufactured tools used to produce goods and services.

Which is the term for the following definition: The willingness and ability to take the risks involved in organizing the production of goods and services and starting a business.

Select the best term for the following definition:

___ analysis seeks to answer economic questions using the scientific method and objective analysis of data and information.

Select the best term for the following definition:

___ analysis applies value judgments to data and information in order to draw a conclusion regarding which policy or action is best to adopt in a given situation.

Positive economic analysis allows for the most accurate assessment of an

issue while normative analysis is better when making a decision holistically.

Determine whether the following example is positive or normative:

The YES Prep Public Schools district increases the amount of schools in Houston, TX every year.

Determine whether the following example is positive or normative:

The YES Prep Public Schools district is the best school district in Texas.

Determine whether the following example is positive or normative:

Since the YES Prep Public Schools district increases the amount of schools every year, TX, they are the best district in TX.

Select the correct term for the following definition:

A relationship between two variables.

Select the correct term for the following definition:

One variable is causing the other variable to change.

Select the best term for the following definition:

Any expectations, rewards, or motivation that encourages an individual to behave a certain way.

Which type of incentive best fits this definition:

Encourages you to do something because you like doing the “right thing”

Which type of incentive best fits this definition:

Encourages you to behave in a certain way to increase their social status from declining.

Which type of incentive best fits this definition:

Encourages you to behave in a certain way for a financial reward or avoiding financial penalties

Which type of incentive best fits this example:

If Mario walks his sister's dogs, he will be reward a Chick-Fil-A meal.

Which type of incentive best fits this example:

Maria volunteers her time finishing the homecoming dance decorations, even though she has already completed her required community service hours.

Which type of incentive best fits this example:

Francisco makes his mom buy him AirPods since his group of friends have a pair.

Which type of incentive best fits this example:

Christopher slows down from 55 to 35 MPH when he sees the police car pass by.

Select the term that best fits the definition:

any unplanned action in response to an incentive other than the action that was anticipated or intended

True or False:

Incentives must be designed carefully because they can produce unintended consequences.

Select the correct term that fits the sentence:

Total benefits includes anything you gain, while _________ means anything you lose.

Which of the following is not a type of cost.

Which term best fits the definition:

One-time costs that do not change regardless of production

Which term best fits the definition:

Cost of a decision that requires us to spend money

Which term best fits the definition:

Costs that change based on how much is produced or consumed

Which term best fits the definition:

Cost of a decision that does not require us to spend money

True or False:

The total benefit of making a decision is the sum of the monetary benefits (tangible rewards) and utility (personal satisfaction) of the decision.

Pablo is deciding whether to buy tickets to attend a Dallas Cowboys game but prices are going up as he waits to purchase those tickets. Pablo keeps waiting for his friends to decide whether they want to go to the game. The longer Pablo waits on buying tickets is directly increasing the ...

_________ involves weighing marginal costs against the marginal benefits.

Which of the following decisions should be analyzed using marginal analysis?

Define the key term:

the amount of goods that are able to be available

Finish the following statement about Law of Supply:

As a price for a good increases, the supply .......

Finish the following statement about Law of Demand:

As a price for a good increases, the demand .......

Define the key term:

referring to how many people want a good/service and

their willingness to get that product

Complete the sentence below:

Producers ________ the products (supply)

Complete the sentence below:

Consumers ________ the products (demand)

True or False:

Producers supply while consumers demand.

The Law of Supply and Demand describes how changes in the price of a resource or product affect its supply and demand.

When graphing Supply and Demand, the quantity supplied represents ...

When graphing Supply and Demand, Equilibrium represents the point when ...

When graphing Supply and Demand, the equilibrium point is where the quantity demanded intersects the quantity supplied.

When there is a shortage, that means

When there is a surplus, that means

True or False:

Complimentary goods are products that adds in value, while inferior goods are products that worsens in value.

True / False:

Efficiency means we are producing the maximum number of goods and services possible.

Select the best term for the following definition:

The curve on a graph that shows the possible quantities that can be produced of two products if they both depend on the same resource

On a PPF graph, if the type of product is inside the frontier (curve), would that be considered efficient or inefficient?

On a PPF graph, if the type of product is on the frontier (curve), would that be considered efficient or inefficient?

On a PPF graph, if the type of product is outside the frontier (curve), would that be considered?