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Vocabulary
From the Book
From the Book pt 2
American Econ.
American Politics
100
This is an alternative we sacrafice when we make a decision.
What is a tradeoff?
100
The three factors of production.
What are land, labor, and capital?
100
Thinking at the margin can also be described as this.
What is cost/benefit analysis?
100
United States coin mints are located in these two cities.
What are Denver and Philidelphia?
100
Famously said, "I can see Russia from my house".
Who is Sarah Palin?
200
The phrase that refers to the tradeoffs nations face when deciding whether to produce more military or consumer goods.
What is "guns or butter"?
200
Two opposite things that must be compared at the margin.
What are costs and benefits?
200
The opportunity cost example in the economics book.
What is sleeping vs. studying?
200
The president on the 20 dollar bill.
Who is Andrew Jackson?
200
The current president of the Senate.
Vice President Joe Biden.
300
This is the most desirable alternative given up as the direct result of a decision.
What is opportunity cost?
300
Individuals, businesses and what make tradeoffs.
What is society?
300
Explain one opportunity cost you will face today.
Answers will vary.
300
American dollars are backed up with this.
What is gold?
300
The current Speaker of the House.
Who is Nancy Pelosi?
400
Deciding whether to do or use one additional unit of a given resource.
What is thinking at the margin?
400
An economist might say this when facing an opportunity cost.
What is "choosing is refusing"?
400
Give one example of how you will think at the margin today.
Answers will vary.
400
This is the largest American stock index.
What is the New York Stock Exchange?
400
The current chairman of the Federal Reserve.
Who is Ben Bernankie?