Mr. Crow
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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| What is example of an economic enigma that economists might want to figure out? | Why might a 1961 VW Van cost more than a used van today?
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| When you go on a road trip, you’ll discover that resources ____, but people’s wants are ____. This fundamental economic concept is called scarcity. | Limited, Unlimited
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| On your road trip, you’ll continually be making choices, such as what kind of car to travel in and how many landmarks to visit. This is why many economists define economics as? | The science of decision making
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| Positive economics analyzes how and why things are the way they are. Normative economics analyzes how things ought to be done. What is an example of positive economics? | What are the short and long term consequences of getting a speeding ticket?
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| On your road trip, you had limited money. This is because of ____ So you had to make a choice about whether to buy a used SUV or sedan. This is an example of ____ | Scarcity, tradeoff
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| Which of these examples best represents the economic concept of scarcity? | A grocery store has a limited amount of money so must decide each week what goods to purchase.
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| Which of these examples best represents a tradeoff? | A student chooses to study rather than spend time with her friends.
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| _____ are what you gain from something. _____ are what you sacrifice to get it | Benefits, Costs
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| Economists assume that people tend to make rational choices. This means that people choose something | when the benefits outweigh the costs.
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| On your road trip, you had to evaluate the costs and benefits of where to stay overnight. What is a benefit of staying at the motel? | sleeping on a soft bed
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| Most everyday choices involve “thinking at the margin,” which means making a choice about _____ | A little more or a little less of something
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| During your road trip, you made a decision “at the margin” when you? | added one more national landmark to your list to see.
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| Which of these examples best illustrates thinking at the margin? | Choosing whether to watch one more episode of a TV show.
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| ____ motivate people to take a certain course of action. They can be _____ actions, such as a monetary or honorary reward, or _____ actions, such as a punishment or a fine. | Incentives, positive negative
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| On your road trip, you got a speeding ticket. How is this related to the concept of incentives? | Governments have the power to give fines and jail time to encourage citizens to follow rules. & because you got a ticket and had to pay a fine, you are less likely to speed again.
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| Why do economists care so much about incentives? | Since most people behave in predictable ways, incentives help economists predict the choices people will make
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| On your road trip, you made a trade with a mechanic. The mechanic gave you ____ and you gave the mechanic ____ | A service, money
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| In modern life, you will end up with more and better choices if you | focus on what you do best and then trade with others for what they do best
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| “It is the maxim of every prudent…family never to attempt to make at home what it will cost…more to make than to buy.” This quote from Adam Smith best illustrates which principle? | Trade Makes People Better Off
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| When markets operate freely, buyers and sellers can trade with each other until ____. The result is an ____ efficient market that serves everyone’s interests without guidance from a person or an institution. | Both, efficient
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| Which of these places would economists consider to be a market? | a large mall in a major city, a small flea market on a weekend & an online shopping website
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| During your road trip, you stopped at a grocery store that had many different products from around the world. Which of the following best explains this phenomenon? | The “invisible hand” of the market determined which products—and at what prices—the store’s consumers were willing to buy.
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| In general, people are shortsighted, which means that they tend to make decisions by looking only at the ____ . But decisions made today can have effects in the future that ____ considered. | Immediate, should
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| Why do economists care about the law of unintended consequences? | Thinking about future consequences that people might not expect helps economists predict the long-term effects of an action or policy.
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| Which of these was a long-term consequence from your road trip? | Your car insurance bill got more expensive.
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| If you want to compare two data points—such as the price of certain cars versus the fuel efficiency of those cars—which economic tool would be the most helpful? | A graph
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| If an economist wants to predict whether you will purchase an SUV or a sedan for your road trip, she might use a ____ rational behavior model that takes into account your self-interests. | rational behavior model
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| If an economist is interested in studying the effects of fuel-efficient cars on the economy, what would be the first step of the scientific method they should follow? | asking a testable question
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| What does Adam Smith argue in "The Wealth of Nations"? | Competition is crucial for a healthy economy.
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| Economics is often defined as the study of how people choose to | use their limited resources to satisfy their unlimited wants.
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| A riddle or puzzle that can be explained through an economic analysis is called | an economic enigma.
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| When an economist uses objective analysis to find out how the economy actually works, this is | positive economics
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| When an economist uses objective analysis to find out how things ought to be done, this is | normative economics
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| You consider the costs and benefits between seeing your friends and doing homework. This is an example of what? | a cost-benefit analysis.
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| What is a marginal benefit? | what you gain by adding one more unit
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| You pay a hairdresser $40 to get a nice haircut. This demonstrates the | trade-makes-people-better-off principle.
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| A market that operates with limited government interference results in | an efficient market that serves everybody's interests.
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| The metaphor of the invisible hand explains how | an individual's pursuit for self-interest promotes society's well-being.
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| A school cuts spending on scholarships to open up more classes. As a result, less students are motivated to get good grades. This is an example of what? | the law of unintended consequences.
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| What is the final step of the scientific method? | evaluating the hypothesis
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| A ________ is a visual representation of the relationship between two given sets of data. | graph
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| Why can't graphs show a complete picture of how two sets of information are related? | Graphs are simplifications.
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| Part of the rational-behavior model theory is that? | people act upon their own interest, without taking into account the well-being of others.
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| The term "Ceteris Paribus," when used in economic models, refers to the assumption that | all factors except for those considered stay the same.
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| The famous economist who came up with the invisible hand theory is | Adam Smith
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| economic enigma | a puzzle or riddle that may be explained through economic analysis
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| resource | anything used to produce an economic good or service
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| positive economics | the branch of economics that uses objective analysis to find out how the economy actually works
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| normative economics | the branch of economics that applies value judgments to data in order to recommend actions or policies.
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| scientific method: | (1) posing a question, (2) researching the question, (3) developing a hypothesis, (4) conducting studies and collecting data, (5) analyzing the data, and (6) evaluating the hypothesis
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| data | factual information, often in numerical form
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| graph | a visual representation of the relationship between two sets of data
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| variable | a quantity that can vary, or change
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| economic model |
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santi_v