100 POINTS

When you choose one thing over another

ECONOMICS

SCARCITY

TRADE OFFA

B

C

CORRECT !!!!!!!

TRADE OFF

African History - 100 POINTS

The condition that results because people have limited resources and unlimited wants

TRADE OFF

ECONOMICS

SCARCITYC

B

A

100 POINTS

SCARCITY

CORRECT !!!!!!!

100 POINTSShould I get a boring job at the Mall and make some money, or should I get an internship that doesn't pay anything, but will give me experience in something that interests me? I can't do both.(THIS STAEMENT IS AN EXAMPLE OF)

Economic Principle 2: Costs Verses Benefits

Economic Principle 3: Thinking at the Margin

Economic Principle 1: Scarcity Forces TradeoffsC

B

A

100 POINTS

Economic Principle 1: Scarcity Forces Tradeoffs

CORRECT !!!!!!!

100 POINTSThis principle tells us that people choose something when the benefits of doing so are greater than the costs.

C

B

A

Economic Principle 2: Costs Verses Benefits

Economic Principle 3: Thinking at the Margin

Economic Principle 4: Incentives Matter

100 POINTSC

CORRECT !!!!!!!

Economic Principle 2: Costs Verses Benefits

You study two hours for an economics test. When you are about to finish, you try to decide which would be more beneficial: studying an extra hour or going to bed and getting some

extra sleep. (THIS STATEMENT IS AN EXAMPLE OF…)

B

A

C

Economic Principle 3: Thinking at the Margin

Economic Principle 2: Costs Verses Benefits

Economic Principle 4: Incentives Matter

100 POINTSB

Economic Principle 3: Thinking at the Margin

CORRECT !!!!!!!

200 POINTS

People stand in line all day in order to buy a hard to get concert ticket for a band they love. (THIS STATEMENT IS AN EXAMPLE OF…)

Economic Principle 5: Trade Makes People Better Off

Economic Principle 4: Incentives Matter Economic Principle 6: Markets Coordinate Trade

A

B

C

200 POINTS

B

Economic Principle 4: Incentives Matter

CORRECT !!!!!!!

200 POINTS

When markets bring buyers and sellers together, and their dealings are not interfered with, they will both be satisfied with their sales and purchases.(THIS STATEMENT IS AN EXAMPLE OF…)

Economic Principle 5: Trade Makes People Better Off

Economic Principle 4: Incentives Matter

Economic Principle 6: Markets Coordinate Trade

A

B

C

200 POINTS B

Economic Principle 6: Markets Coordinate Trade

CORRECT !!!!!!!

200 POINTS

People should buy things that they cannot efficiently make for themselves for less cost.(THIS STATEMENT IS AN EXAMPLE OF…)

Economic Principle 5: Trade Makes People Better Off

Economic Principle 4: Incentives Matter

Economic Principle 6: Markets Coordinate TradeA

B

C

200 POINTS B

Economic Principle 5: Trade Makes People Better Off

CORRECT !!!!!!!

100 POINTS

The study of how society manages its scarce resources.

ECONOMICS

SCARCITY

TRADE OFF

A

B

C

CORRECT !!!!!!!

ECONOMICS

100 POINTS

The study of the economic decisions and actions of individual people, companies, etc.

ECONOMICS

MICROECONOMICS

MACROECONOMICS

A

B

C

CORRECT !!!!!!!

B: MICROECONOMICS

100 POINTS

The study of the economics in terms of whole systems and large sectors of the economy.

ECONOMICS

MICROECONOMICS

MACROECONOMICS

A

B

C

CORRECT !!!!!!!

B: MACROECONOMICS

100 POINTS

The study of the economics that is objective, fact-based and able to be tested.

POSITIVE ECONOMICS

NORMATIVE ECONOMICS

MACROECONOMICS

A

B

C

CORRECT !!!!!!!

POSITIVE ECONOMICS

100 POINTS

The study of the economics that is subjective and based on opinion or one’s own values.

POSITIVE ECONOMICS

NORMATIVE ECONOMICS

MACROECONOMICS

A

B

C

CORRECT !!!!!!!

NORMATIVE ECONOMICS