Seven Principles of Economic Thinking Review

Front

Which statement explains scarcity? Options: There's enough of everything for everybody, As long as you have money, you can get anything you want., People always find more resources., People's wants are unlimited, but resources are limited.

Back

People's wants are unlimited, but resources are limited.

Front

An incentive is something that...

Back

motivates you to do something

Front

I only have an hour of free time today. If I study, I can't see my friends.

Back

Costs versus Benefits

Front

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

Back

Future Consequences Count

Front

All that time at the gym is worth it. I'll look good this summer!

Back

Incentives Matter

Front

I already ate 5 slices of pizza. Should I eat one more?

Back

Thinking at the Margin

Front

Should I spend thousands of dollars on college? Would it be worth it?

Back

Costs vs Benefits

Front

I want to sell my paintings. Maybe I'll post them on eBay.

Back

Markets Coordinate Trade

Front

I don't know how to fix my car, but I can pay a mechanic to do it.

Back

Trade Makes People Better Off

Front

I only have 20 dollars. If I spend it on a steak dinner, I can't buy gas for my car.

Back

Scarcity Forces Tradeoffs