Adam Smith made many observations in this historic publication about people and nations that still hold true today.
What is The Wealth of Nations?
100
This main branch of economics looks at decisions by individuals, households and businesses.
What is microeconomics?
100
The exchange of one thing for another that is perhaps thought to be better.
What is a trade-off?
100
He chose college over making $200,000 at age 18 for the experience.
Who is Ryan Allis?
100
This branch of economics study focuses on the facts and cause-effect relationships of the economy
What is positive economics?
200
Anything that is used to produce an economic good or service.
What is a resource?
200
In discussing economic variables, the Latin phrase for "other things being equal," an assumption that all other things remain the same.
What is ceteris paribus ?
200
The condition that results because of limited resources but unlimited wants.
What is scarcity?
200
This school of thought incorporates judgments about what the economy should be like and which policies should be used to change the economy.
What is normative economics?
200
Under the constitution of the US, the following characteristics are guaranteed: private property, freedom of enterprise and choice, self-interest, competition, and limited government.
What are the characteristics of a market system?
300
A Habit of the mind, thinking about the difference between traveling across the Atlantic today vs. 200 years ago
What is Historical Context?
300
This branch of economics focuses on the workings of the whole economy.
What is macroeconomics?
300
A factor that encourages or motivates individuals.
What is an incentive?
300
In studying economics, these simplified representations of economic explanations are often used.
What are economic models?
300
They are puzzles or riddles that might be explained through an economic analysis.
What are economic enigmas?
400
An economic principle that results in Kroger having mango's from Mexico, bananas from Belize, and shrimp from Thailand.
What is markets coordinate trade?
400
Weighing the economic advantages and disadvantages of a decision, such as attending college, is known as this kind of analysis.
What is "cost-benefit" analysis?
400
An economic principle that might result in Ticket Master adding one more concert tour at the Palace for Fleetwood Mac.
What is Thinking on the Margin?
400
A habit of the mind that might result in creating cars that use alternative energy opposed to large amounts of gasoline.
What is Thinking Outside of the Box?
400
The costs of producing each additional unit ("just one more") of a particular product.
What is marginal cost?
500
The assumption that people act in a way that is based on reason.
What is rational-behavior model?
500
He is the father of modern economics whose major work, The Wealth of Nations, is a foundational text of modern economics.
Who is Adam Smith?
500
An economic principle, " I'll never speed again." My insurance premium increased $300 annually.
What is Future Consequences Count?
500
The fact that someone, somewhere, has to pay for every good and service produced is frequently summed up in this saying.
What is "there is no such thing as a free lunch"?
500
The agreement between buyers and sellers to come together and do business with each other creates this.