Key ideas review
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| Define scarcity | show 🗑
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| What is the economic question related to scarcity? | show 🗑
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| What is rational behavior? | show 🗑
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| What is opportunity cost? | show 🗑
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| Define true cost | show 🗑
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| What is marginal decision making? | show 🗑
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| Define sunk costs | show 🗑
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| Define incentives | show 🗑
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| show | How will others respond?
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| What are the assumptions economists make about incentive? | show 🗑
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| show | When resources are used in the most productive way possible to produce the goods and services that have the greatest total economic value to society
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| What is the economic question related to efficiency? | show 🗑
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| show | A consistent relationship between two events or variables
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| Define positive correlation | show 🗑
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| show | When one event or variable increases while a related event or variable decreases
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| show | A relationship between two events in which one event brings about the other
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| Why are the two often confused? | show 🗑
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| Explain correlation without causation | show 🗑
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| show | Two events that occur together because both are caused by the same underlying factor (ex: firefighters and people with serious burns)
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| show | Knowing which event caused which - sometimes because two events appear to have a causational relationship, it can be unclear which caused the other
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| Define a model | show 🗑
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| show | Because they are a simplification
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| List the characteristics of a good model | show 🗑
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| show | A statement/analysis that makes a factual claim about how the world actually works - can be proved by data or evidence
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| Define normative analysis/statements | show 🗑
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To hide a column, click on the column name.
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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.
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Created by:
sarah.levitt7
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