TCI Econ Lesson 1 Review

5 Categories 25 Questions

One of two perpendicular lines in a coordinate system, used to locate a point in space What is gained from something in terms of money, time, experience, or other improvements

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Category 1

One of two perpendicular lines in a coordinate system, used to locate a point in space

Axis

What is gained from something in terms of money, time, experience, or other improvements

Benefit

A way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking

Cost-benefit analysis

What is spent in money, effort, or other sacrifices to get something

Cost

The assumption, used in economic models, that all factors other than those being considered remain the same; from a Latin expression meaning "other things being equal"

Ceteris paribus

Category 2

Economics is often defined as the study of how people choose to

Use their limited resources to satisfy their unlimited wants.

True or False: We must make choices about what we want the most.

True

You pay a painter $100 to paint your house. This demonstrates which principle.

Trade makes people better off principle

Intel cuts jobs to save money. As a result, fewer people are motivated to get a higher education. This is an example of what?

The law of unintended consequences

Part of the rational-behavior model theory is that people act upon their own interest, without what?

Without taking into account the well-being of others.

Category 3

Another way of saying Economic Mysteries.

Economic enigmas

This influential 19th-century economist, described economics as “a study of mankind in the ordinary business of life.”

Alfred Marshall

This type of analysis, which describes how things are, is known as

Positive economics.

Focuses on how things ought to be done, is known as

Normative economics.

What phrase does Mr. Mac use to describe Economics?

C.R.E.A.M = Cash Rules Everything Around Me!

Category 4

The idea that limited resources force people to make choices and face tradeoffs when they choose

Scarcity-forces-tradeoffs principle

The idea that every choice involves tradeoffs; a restatement of the scarcity-forces-tradeoffs principle

No-free-lunch principle

People choose something when the benefits of doing so are greater than the costs.

Costs-versus-benefits principle

Most of the decisions we make each day involve choices about a little more or a little less of something rather than making a wholesale change.

Thinking-at-the-margin principle

People respond to incentives in generally predictable ways.

Incentives-matter principle

Category 5

Markets usually do better than anyone or anything else at coordinating exchanges between buyers and sellers.

Markets-coordinate-trade principle

Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole

Invisible hand

Decisions made today have consequences not only for today but also in the future.

Future-consequences-count principle

A visual representation of the relationship between two given sets of data.

Graph

A quantity that can vary, or change.

Variable

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