An Economic Way of Thinking -- Review

Thinking at the Margin was the idea of which of the following economists.

Which of the following is NOT accurate in describing a market

IRS fines, traffic tickets, jail time, getting "grounded" are all examples of

This area looks at the economic decisions made by the individual household or business.

The United States should find a way to decrease the almost $23 trillion national debt.

Cost in economics is always a specific monetary amount.  

How does the use of the Scientific Method differ when used by economists?

The type of analysis that describes how things are is known as

Anything that is used to produce an economic good or a service. 

Another name for the no-free-lunch-principle is

This word describes how one can shape behavior.

An economic model can be 

If you are promised a "free" education by a political candidate, you know that

There will never be enough of everything to satisfy everyone completely describes

Usually does better than anyone/anything else at coordinating exchanges btwn buyers & sellers.

Externalities are 

A phrase to describe "a puzzle or riddle that might be explained through an economic analysis."

People choose something when the benefits of doing so are greater than the costs.

Adam Smith's idea of a force that moves goods & services to where they are most highly valued.

The phrase which communicates "all other things held constant."

You are giving up one thing to get another that you want even more defines

An arrangement that brings buyers and sellers together to do business with each other.

Adam Smith observed none of us is equally skilled at doing everything.  This is the basis for

Building the Alaskan oil pipeline surprisingly resulted in increasing the caribou population. 

A visual representation of the relationship between two variables is

Decisions we make each day involve choices about a little more or a little less of something.