Eco Chap1
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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| Why study Ecoomics? 5 reasons | Because you have to, want to, because you want a better paying job, to do things to help others.
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| Value Of a Degree | .6no HS
1.2mil HS Diploma
2.1 College
2.5 Masters
4.4 PH D/MD
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| Economics | The study of how scarce resources are allocated among unlimited wants.
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| Scarcity | the Shortage that exists when less of something is available than is wanted at a zero price.
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| Factors of Production | i.e. resources, inputs
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| Owner Land | includes all natural resources, such as minerals timber and water as well as the land itself.
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| Labor | the physical, and intellectual services of people, including the training, education, and abilities of the individuals
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| Capitol | products such as machinery and equipment that are used in production.
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| "Economics is the study of how people choose to use their scarce resources to attemot to satisfy their unlimited | just a quote
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| Rational Self Interest | People make choices at that tine and with the information that will gibe them the greatest satifaction.
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| Positive analysis | analysis of what is
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| Normative analysis | Opinion, an analysis of what ought to be.
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| Microeconomics | The study of economics at the level of the individual.
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| Macroeconomics | The study of the economy as a whole
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| Normative analysis imposes the value judgments of one individual on the decisions of others. | True
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| an economic good is scarce if it has a positive price? | True
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| Rational self-interest in the same thing as selfishness. | Not True
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| An economic bad is an item that has a positive price. | False
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| A resource is an ingredient used to make factors of production. | True
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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.
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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:
paulstpete
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