Key ideas review
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| Define scarcity | show 🗑
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| show | What are the wants and constraints of those involved?
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| show | Making choices to achieve goals in the most effective way possible
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| What is opportunity cost? | show 🗑
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| show | The amount you pay for a good and the opportunity you lose to do something else with that money instead
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| What is marginal decision making? | show 🗑
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| Define sunk costs | show 🗑
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| Define incentives | show 🗑
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| What is the economic question related to incentives? | show 🗑
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| What are the assumptions economists make about incentive? | show 🗑
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| Explain efficiency | show 🗑
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| What is the economic question related to efficiency? | show 🗑
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| show | A consistent relationship between two events or variables
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| show | If two events or variables tend to occur at the same time or move in the same direction
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| Define negative correlation | show 🗑
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| show | A relationship between two events in which one event brings about the other
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| Why are the two often confused? | show 🗑
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| show | When there is no plausible cause and effect relationship - two things randomly occur at the same time and move in the same direction but are not caused by each other
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| Explain omitted variables | show 🗑
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| show | Knowing which event caused which - sometimes because two events appear to have a causational relationship, it can be unclear which caused the other
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| show | A simplified representation of a complicated situation
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| show | Because they are a simplification
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| List the characteristics of a good model | show 🗑
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| Define positive analysis/statements | show 🗑
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| Define normative analysis/statements | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
sarah.levitt7
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