91Ó°ÊÓ

Define: a. incentive b. microeconomics c. macroeconomics d. theory

Define: a. tangible b. intangible c. goods d. utility e. services f. land g. labor h. capital i. entrepreneurship

Define the followingterms: a. scarcity b. opportunity cost c. economics d. want e. resource f. production possibilities frontier g. rationing device

The resource that involves goods used to produce other goods is

Because scarcity exists, people must make choices. Explain why.

Use marginal costs correctly in a sentence.

According to economists, almost everything we do has costs and benefits. Identify the costs and benefits of each of the following: going to the dentist for a checkup, doing your homework, and getting an extra hour of sleep.

Give an example to illustrate how a person may incur an opportunity cost without paying anyone any money.

Identify the following resources. Write "Ld" for land," \(\mathrm{Lb}^{\prime \prime}\) for labor, \(^{\alpha} \mathrm{C}^{\prime \prime}\) for capital, and "E" for entrepreneurship. a. Francis's work as a secretary b. iron ore \(\mathbf{c}_{*}\) a farm tractor d. a computer used to write a book e. a comedian telling jokes on a television show f. a singer singing at an outdoor concert g. your teacher teaching you economics h. someone inventing a new product i. crude oil j. oil-drilling equipment

Is the opportunity cost of attending high school the same for all high school students? Explain why or why not.