Economic Reasoning Test Review. What is any reward or benefit that motivates people to do something.
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Transcript of Economic Reasoning Test Review. What is any reward or benefit that motivates people to do something.
![Page 1: Economic Reasoning Test Review. What is any reward or benefit that motivates people to do something.](https://reader036.fdocuments.in/reader036/viewer/2022062718/56649e715503460f94b6f3c1/html5/thumbnails/1.jpg)
Economic ReasoningTest Review
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What is any reward or benefit that motivates people to do
something
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Incentive
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What is a factor or disadvantage that
discourages people from doing something?
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Disincentive
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What is a tool used to choose among alternatives; weighing
the cost of a product or service against the benefit(s)
it will provide?
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Cost/Benefit Analysisor
Risk/Reward Relationship
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What is a decision made or course of action taken when
faced with a set of alternatives?
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Choice
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What do we need to help make a choice turn out the
way we want it to?
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Information
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What is it called when you consider the benefits and costs of the choices you
make?
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Economic Way of Thinking
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Should you consider your priority or goals when making
a choice?Yes/No
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Yes
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When making a choice, should you determine the most benefit for the least
cost?Yes/No
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Yes
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What is it called when you give up a litter of one thing in
order to get more of something else?
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Trade-Off
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What is an economic condition created by an
excess of human wants over the resources necessary to
satisfy them?
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Scarcity
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What is the value of the second-best alternative that a person gives up when making
one choice instead of another?
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Opportunity Cost
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What does the PACED Decision Model stand for?
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ProblemAlternatives
CriteriaEvaluateDecision
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Can the PACED Decision-Making Model help you make
better decisions?Yes/No
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Yes
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An incentive is a
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reward
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A disincentive is a
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punishment
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We use disincentives to measure our costs and our
benefits.True/False
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False
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We use the economic way of thinking to measure our costs
and benefits.True/False
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True
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What are some examples of limited resources?
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Timemoneyspace
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What is the problem of having limited resources known as?
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scarcity
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Choices have consequences.Yes/No
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yes
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What can be described as what you gave up when
making a decision?
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Opportunity Cost
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When you make a choice, it does not involve a trade-off.
True/False
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False