Economics

Who is considered the "Father of Capitalism"?

Adam Smith

Which of the following is a high school curriculum designed to equip students to compete for positions at highly selective colleges?

Aggressive College Prep Curriculum

Which of the following are consistent with the law of supply?

All of the above are examples of the law of supply.

Job History

Any work you have done, paid or unpaid, that builds experience

According to your lesson text, how does completing a self-reflective assessment like the Personal Profile prepare you for a career?

By evaluating your past choices, you can make better choices for your future.

Which of the following questions will help you discover your self-management skills?

Can I think of a time when I used this skill?

Which of the following is a determinant of supply?

Change in technology

Why is it helpful to connect your skills and experiences to your personal history?

Connections allow patterns that can focus your planning.

Which of the following would NOT cause the market supply of batteries to change?

Consumers turn away from battery operated consumer electronics.

What are the four factors of production?

Entrepreneurship, Land, Labor, and Capital

Why is reviewing and analyzing your transcript, curriculum, and GPA so important to career planning?

Evaluating your overall coursework and grades can help you better consider your educational and career options.

As long as you did not pay money for this course, there is no cost for taking this Microeconomics course.

False

As we continue to shift resources from one use to another, we eventually will experience decreasing opportunity costs.

False

Economist feel the best way to evaluate the cost of a decision is to consider EVERY possible alternative choice

False

Purchasing an ice cream cone is an example of an exchange that happens in the resource market.

False

True or False: The term "academic training" refers primarily to formal classes taken in school.

False

A student who is evaluating his or her academic record will consider which three records?

GPA, Test Scores, Transcripts

Hobbies

Interests or activities done for pleasure; can be done at school, at home, with friends, or on your own

Reflection

Looking back and connecting thoughts, actions, and motives

The branch of Economics that deals with the economy as a whole is _____.

Macroeconomics

The branch that deals with the parts of the economy is ______.

Microeconomics

Which of the following describes extroverts?

People who direct their energy and attention outside themselves and are often considered the life of the party.

_______________ forces us to make choices.

Scarcity

Which of the following is most likely to cause a decrease in the supply of strawberries?

Some strawberry producers leave the market and begin producing kiwi.

Favorites

The books, clubs, talents, abilities, and people, places and things you like most

transcript

This document is important because it contains a record of the courses you have taken, the grades you received.

GPA

This is an indication of your academic achievement because it is an average of your grades.

curriculum

This is the classes that comprise an entire course of study in school and can be described as either basic, basic college and career prep, or aggressive college prep.

A desire that can be satisfied by consuming an economic good or service is an economic want.

True

A reflective profile acts as a tool to help you identify and understand your strengths, interests, skills, personality, and values.

True

Economists believe that the best decisions are made at the margin.

True

The Production Possibilities Curve or Frontier illustrates both the economic concepts of scarcity and opportunity cost.

True

True or False: Although introverts are often quiet and inward-focused, they are usually the ones who actually get things done.

True

Working for wages at an ice cream stand is an example of an exchange that happens in the resource market.

True

A Mind Map is used to:

Visualize and organize your thoughts

What are the three economic questions that every society needs to address?

What to produce? How to produce? For whom to produce?

Why is it particularly challenging to describe the skills you use and possess?

You have to take time to think about how others might see you.

Which of the following is NOT a determinant of demand or as we put in the content presentation, a demand shifter?

a change in the retailer selling the good

Which of the following is most likely to cause the demand curve for itunes music downloads to shift to the right?

a decrease in the price of Ipods.

Ceteris paribus, which of the following is most likely to cause an increase in the quantity demanded of potato chips?

a decrease in the price of potato chips

In the resourced market, ________ exchange money payments with ________ for their productive resources.

businesses; households

While all economies are mixed, the economy of North Korea leans toward the _________ model.

command

Marginal analysis involves considering ______ benefits and ______ costs

future; future

Which of the following is NOT a feature of a market system?

government ownership of the factors of production

In the classic production possibilities curve discussed in the content presentation, _____________ represents military goods and ____________ represents civilian goods.

guns; butter

In the product market, ________ exchange money payments for finished goods and services with ________.

households; firms

Economics is the study of

how people, firms, and governments make decisions about how to allocate scarce resources to meet unlimited wants.

Any reward or benefit that encourages someone to do something is called an ____________________.

incentive

According to the law of demand, the quantity demanded of a good in a given time period:

increases as its price goes down

Government's role in a market economy is _______.

limited

While all economies are mixed, which economic systems model does the United States most resemble?

market

Basic curriculum

meets a high school's graduation requirements and also the standards for admission to the military, most technical and two-year programs, and many jobs.

The value of the next best alternative that was NOT chosen when a decision is made is called the _________

opportunity cost

What are self-management skills?

personal skills that help you learn how to take care of yourself and develop a growing independence.

The _______ system gives both producers and consumers important information they use in making decisions about how to allocate their resources and is determined by forces of supply and demand.

price

The _____ motive encourages entrepreneurs to start businesses, expand existing one, create new products or improve existing ones, and/or improve production processes to use resources efficiently.

profit

A change in the price of a good, ceteris paribus, _____.

results in a change in quantity supplied.

The problem of resources being limited, but wants being unlimited is the economic concept of ________.

scarcity

Which of the following is NOT an appropriate role for government in a market economy?

set prices for most goods and services

If society is operating on the production possibilities curve then it must be true that check

society is using all available resources and technology most efficiently.

A shift in the supply curve reflects a change in ______.

supply.

"Voluntary exchange creates _______."

wealth