Key ideas review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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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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| show | The trade off between costs and benefits
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| Define true cost | show 🗑
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| What is marginal decision making? | show 🗑
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| Define sunk costs | show 🗑
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| show | Something that causes people to behave in a certain way by changing the trade-offs they face
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| show | How will others respond?
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| show | People will respond to incentives and that nothing happens in a vacuum (any action or change will have some kind of reaction)
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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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| Define positive correlation | show 🗑
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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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| show | Correlation without causation, omitted variables, and reverse causation
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| Explain correlation without causation | show 🗑
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| Explain omitted variables | show 🗑
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| Explain reverse causation | show 🗑
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| Define a model | show 🗑
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| Why are models only approximately right? | show 🗑
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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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| show | A statement/analysis that makes a claim about how the world should work - cannot be proven true or false
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
sarah.levitt7
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