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Eco. Test #1

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QuestionAnswer
What are the fundamental principles of economics? 1. Productive resources are limited. Therefore people cannot have all the goods and services they want as a result they must choose some things and give up others
PEOPLE CHOOSE! 2. Effective decision making requires comparing the additional costs of alternatives with the additional benefits. We live in a world of more trade-offs than clear solutions
PEOPLE’S CHOICES INVOLVE COSTS! Economic choices are driven by incentives. Incentives are rewards. Incentives are nothing more than changes in costs and benefits that in turn influence choices
PEOPLE RESPOND TO INCENTIVES IN PREDICTABLE WAYS 4. Different methods can be used to allocate goods and services. People acting individually or collectively through government must choose which methods to use to allocate different kinds of goods and services.
PEOPLE CREATE ECONOMIC SYSTEMS THAT INFLUENCE INDIVIDUAL CHOICES AND INCENTIVES 5. Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation and among individuals or organizations in different nations
PEOPLE GAIN WHEN THEY TRADE VOLUNTARILY Every decision has potential consequences
Created by: bjchisolm1793
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