Economics Unit 1 Quiz Review

Love is an example of what type of incentive?

Talents and skills of a worker are an example of what productive resource?

What productive resource is intangible?

What is the 4th step in the PACED decision making process? 

CD choices: 1. Linkin Park 2. Bon Jovi 3. Taylor Swift What is the opp cost of buying Bon Jovi?

Who is the father of modern Economics

What is the third condition that makes an item scarce? 1. Be desirable, 2. More than one use

Economic decisions are generally based on what process?

Limited time, space and money + Unlimited Wants = People cannot have ____ ____ ____

Opportunity Cost is defined as the difference between your first choice and your:

Name one item in the world that is not scarce or can't run out

Govt choices that have long-running consequences that partially/entirely offset initial effects

In the PACED Decision making process you evaluate decisions based on:

What book did Adam Smith write?

If the marginal benefit of an action is greater than the marginal cost: