Handy Dandy Guide
Vocabulary
Resources
Economics
People
100
Number 1 on the Handy Dandy Guide
What is People choose to do the things they think are best for them.
100
The highest valued alternative when making a choice.
What is Opportunity Cost?
100
Examples are: land, wind, sun and plants
What are Natural Resources?
100
A producer decides that to make one more car will not be in their best interest.
What is Marginal Cost outweighs the Marginal Benefit?
100
The decision making model that people use which looks at alternatives and criteria.
What is the PACED decision making model?
200
Number 2 on the Handy Dandy Guide
What is Choices have costs?
200
The amount of benefit associated with purchasing or producing ONE more of something.
What is Marginal Benefit?
200
Examples are: computers, tractors and machines.
What is Physical Capital?
200
Steve Jobs was one.
What is an Entrepreneur?
200
The Handy Dandy theory which tells people to save for their future.
What is Consequences of choices lie in the future?
300
Number 6 on the Handy Dandy Guide
What is The consequences of choices lie in the future?
300
The means through which goods and services are produced.
What is Factors of Production?
300
The skills and knowledge a person aquires through education.
What is a human capital?
300
The important details a person considers before making a decision.
What is Criteria?
300
A goal of saving money to buy a home is a________________.
What is Long Term Goal?
400
Number 3 on the Handy Dandy Guide
What is People respond in predictable ways?
400
People have unlimited wants and limited resources.
What is Scarcity?
400
People who are willing to take risks to bring other resources together and develop new products.
What are Entreprenerus?
400
Services or goods which are gained after making a decision.
What is a Benefit?
400
Sometimes people give up a benefit to gain another which looks like it will be a better alternative.
What is a Trade-Off?
500
Numer 5 on the Handy Dandy Guide.
What is Voluntary trade creates wealth?
500
The unexpected outcome of a decision or choice.
What is Unintended Outcome?
500
The effort of people which is applied to the production of goods and services.
What are Human Resources?
500
Number 5 on the Handy Dandy Guide to Economics.
What is Voluntary Trade Creates Wealth?
500
When a person consumes 15 delicious cookies and begins to hate the cookies after about 6.
What is Diminishing Marginal Utility?
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