Test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | show 🗑
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| show | when the individual pursuit of self-interest leads to bad results for society as a whole
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| show | the decision by an individual of what to do, which necessarily includes a decision of what not to do
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| Principles of Individual Choice | show 🗑
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| Choices are necessary because resources are scarce | show 🗑
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| opportunity cost | show 🗑
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| show | "how much' questions; compare costs/benefits of doing little more of an activity vs a little less; nonbinary = making decisions in incremental steps; skeptical of changes in behavior that don't include incentives
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| marginal analysis | show 🗑
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| show | motivate people to action; WILL take advantage of it (fundamental truth of economic behavior); thinking thru policy incentives gives insight on consequences of behavior (ex: protective NFL equipment; safer to play dangerously so more incentive to do so)
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| show | my choices affect your choices, and vice versa; feature of most economic situations; results are often quite different from what the individuals intended
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| Principles of the interaction of individual choices (1-3) | show 🗑
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| show | 4. Bc people usually exploit gains from trade, markets usually lead to efficiency; 5. When markets don't achieve efficiency, gov intervention can improve society's welfare
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| show | by dividing tasks & trading, 2 people can each get more of what they want than they could get by being self-sufficient; no one will be worse off bc only trade if you want to
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| specialization | show 🗑
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| show | an economic situation when no individual would be better off doing something different
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| show | people respond to incentives & exploit opps. to be better off (if someone's willing to buy an iphone, someone will make it); equilibrium = no indiv. can be better off w/out making someone else worse off
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| Resources should be used efficiently to achieve society's goals | show 🗑
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| Pareto Efficienct | show 🗑
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| show | trade allows opportunity for people to be better off; do what's best for you (trade if benefit; don't if you don't); persuing personal interests = most beneficial outcome for the total economy
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| show | sometimes no incentive for people to do something on an indiv. level that's important on a larger scale (ex: pollution)
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| Principles of Economy-wide interactions | show 🗑
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| externalities | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
nicook
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