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ReviewJeopardy

Economics BasicsChoices Part 1Choices Part 2IncentivesTrade & Markets1111122222333334444455566

This is the study of the use of scarce resources that have alternative uses.What iseconomics?This is what you are doing when you are choosing one alternative over another.What ismaking a tradeoff?You are doing this type of thinking when deciding whether to add or subtract one unit of a resource.What isthinking at the margin?This is something that encourages you to act a specific way.What is anincentive?3 possible answersThis branch of economics looks at economic decision-making by individuals, households, and businesses.What ismicroeconomics?This is the value of the next most likely choice that you give up when making a specific choice for the use of a scarce resource.What isopportunity cost?The benefit you receive for adding one additional unit of a resource for a specific use is called this.What ismarginal benefit?This is why incentives are important to the study of economics.What ispeople respond to incentives in generally predictable ways?This is an arrangement that brings together buyers and sellers to do businesses with each other.What is amarket?This branch of economics focuses on the workings of the economy as a whole.What ismacroeconomics?The acronym TANSTAAFL stands for this.What isThere Is No Such Thing As A Free Lunch?The cost you incur for adding one additional unit of a resource for a specific use is called this.What ismarginal cost?This is another term used to describe a negative incentive.What is adisincentive?2 possible answersThis type of economic study seeks to describe how things are.What ispositive economics?You get something for free but someone else still had to pay for it even though it was free to you. This scenario illustrates this economic concept.What isThere Is No Such Thing As A Free Lunch (TANSTAAFL)?The fact that the additional benefit you receive from each additional unit of a resource gets smaller and smaller while the cost of each additional unit gets more and more illustrates this law.What is the Law of Diminishing Marginal Utility?2 possible answersThis is why free markets are considered efficient.What isbuyers & sellers trade until both are satisfied?This type of economic study focuses on how things ought to be done by examining various options, assessing the impacts of each option, and recommending specific actions.What isnormative economics?You do this when you evaluate the tradeoffs of making a choice.What isevaluate the costs versus the benefits of each choice?What must be evaluated beyond the intent of an action to determine if an action is desirable.What isthe incentives (or disincentives) created by that actionandwhether or not the incentives and disincentives created by that action will result in unintended consequences that outweigh any potential benefits of the action?When you complete a cost-benefit analysis you usually choose this option.What isthe one whose benefits outweigh the costs?The reasons trade makes people better off.What arewe are not able to produce everything we need for ourselves,it makes more sense to focus on things we do best and trade with others for what they do best,andtrade results in more and better choices than if we needed to make everything for ourselves?These are examples of where markets can exist.What areat a single locationandin cyberspace?Jeopardy!Game Show ThemesClassic TV Game Show ThemesShowtunes130042.43, AG# 31BABD30jboardfillOther3709.3938