U1: Basics of Economics

Macro or Micro? The price of gasoline in PA vs MD

What you give up to get what you want/need

THE economic problem

Macro or Micro? Economics on a local or country based scale

The benefit of one product over another

Encouragement to buy one product versus another

What are the 3 questions asked because of scarcity?

Invisible Hand theorist:

Positive economics studies (2 correct answers):

A constant PPC looks like:

What is the definition of Economics

Positive or Normative? 35% of teenagers like to sleep through class because they do not go to bed at a reasonable hour

Capital goods (2 answers):

Positive or Normative? 35% of teenagers like to sleep through class

A decreasing PPC looks like:

Asking if a product is worth it’s value

The cost/benefit of buying more than one or adding to production:

Viewing economics on a global scale

Analysis of what is attained versus what it is worth

Skill, time, willingness to create a new business (HUGE risks involved)

PPC assumptions include (2 answers):

Increasing PPC looks like:

Physical items paid for by consumers and manufactured by producers

Factors of Production:

Normative economics studies: