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Economic Thinking

HS Econ

QuestionAnswer
Economics is only about money...is this a true or false statement? False...Economics is analyzing enigmas, studying use of limited resources, policy recommendations, analyzing how it works
How many Principles Guide an Economic Way of Thinking? Seven
Economists do NOT have a need to use the Scientific Method...is this a true or false statement? False...tools that economists use include the method
Economics The study of how people choose to use their limited resources to satisfy their unlimited wants
Economy A system used to manage limited resources for the production, distribution, and consumption of goods and services
Positive Economics The branch of economics that uses objective analysis to find out how the world works. The goal is to describe how things are.
Scarcity The condition that results because people have limited resources but unlimited wants
Tradeoff The exchange of one benefit or advantage for another that is thought to be better
Cost-Benefit Analysis A way to compare the costs of an action with the benefits of that action. If benefits exceed costs, then the action is worth taking
Incentive Any factor that encourages or motivates a person to do something. Prices, taxes, and laws create incentives that influence how people behave
Normative Economics The branch of economics that applies value judgements to data in order to recommend actions or policies.the goal is to advise how things ought to be done
Created by: deleted user
 

 



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