Whittle Version of Economics Unit 1 Quiz Review

A reason or reward that motivates people to behave in predictable ways

What are the "gifts of life"?

refers to the skills and knowledge a person has acquired through experience and /or education

refers to man-made goods, such as tools, which are used to produce other goods

Who is the father of modern Economics?

Love is an example of what type of incentive?

Type of economy - choice;private ownership; competition; limited govt; prices guide decisions

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

What are the two types of Capital Resources?

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

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

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

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

Type of economy usually found in rural, non-developed countries

individuals who are willing to take risks, to bring resources together and develop new products

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

A reason or reward that motivates people to behave in predictable ways is?

žThe result or effect of a person’s behavior

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

What productive resource is intangible?

What are the basic types of economic systems?

Economic decisions are generally based on what process?

Economic system where the govt controls and makes most decisions

What are the Four Factors of Production?

Type of economy that has elements of both market and command economies

What book did Adam Smith write?

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