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Economic Reasoning Test Review
What is any reward or benefit that motivates people to do something
What is a factor or disadvantage that discourages people from doing something?
What is a tool used to choose among alternatives; weighing the cost of a product or service against the benefit(s) it will provide?
Cost/Benefit Analysis or Risk/Reward Relationship
What is a decision made or course of action taken when faced with a set of alternatives?
What do we need to help make a choice turn out the way we want it to?
What is it called when you consider the benefits and costs of the choices you make?
Economic Way of Thinking
Should you consider your priority or goals when making a choice? Yes/No
When making a choice, should you determine the most benefit for the least cost? Yes/No
What is it called when you give up a litter of one thing in order to get more of something else?
What is an economic condition created by an excess of human wants over the resources necessary to satisfy them?
What is the value of the second-best alternative that a person gives up when making one choice instead of another?
What does the PACED Decision Model stand for?
Problem Alternatives Criteria Evaluate Decision
Can the PACED Decision- Making Model help you make better decisions? Yes/No
An incentive is a
A disincentive is a
We use disincentives to measure our costs and our benefits. True/False
We use the economic way of thinking to measure our costs and benefits. True/False
What are some examples of limited resources?
Time money space
What is the problem of having limited resources known as?
Choices have consequences. Yes/No
What can be described as what you gave up when making a decision?
When you make a choice, it does not involve a trade-off. True/False
HOW PEOPLE USE LIMITED RESOURCES TO SATISFY UNLIMITED WANTS
Basic Economic Concepts
Economic Choices. Incentive Economics focuses on the choices people make Economic reasoning is used everywhere People make choices based on their perceptions.
Oklahoma’s Personal Financial Literacy Passport ©2008. Oklahoma State Department of Education. All rights reserved.1 Teacher Presentation Series A Introduction.
Understand the role of business in the global economy.
I can understand the definition of Economics. I can understand why people have to make choices and that with choosing comes consequences. I can.
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 Economic Choices Goals Understand the basic economic problem. Explain the steps in.
Chapter 1 The Economic Way of Thinking
Economics Unit 1 Notes. Economic Choices Economics: the study of how we make decisions in the world where resources are limited. Scarcity: forces you.
Economic Decisions and Systems
ECONOMIC REASONING PRINCIPLES (AKA “ERP’S). How Do We Define Economics? The study of how people seek to satisfy their wants and needs by making choices.
Copyright © 2004 South-Western/Thomson Learning Social Sciences Social Sciences are the study of people….. What are the Social Sciences? Then define Econ.
©2008. Oklahoma State Department of Education. All rights reserved.1 Economic Reasoning Introduction:
Basic Economic Concepts Lecture Notes. Wants v. Needs Needs: – Those goods and services that are necessary for survival – Food, clothing, and shelter.
Slide 1 Copyright © Pearson Education, Inc.Chapter 1, Section 2 What is Economics? Tradeoffs and Opportunity Cost.
WHAT IS ECONOMICS? 1 CHAPTER. Objectives After studying this chapter, you will be able to: Define economics and distinguish between microeconomics and.
WHAT IS ECONOMICS? 1 CHAPTER. Definition of Economics All economic questions arise because we want more than we can get. Our inability to satisfy all.
What is Economics?.
Standard SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals,
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