Honors Economics

Mr. Crawford

REVIEW
UNIT ONE
FUNDAMENTALS OF ECONOMICS

Structure:

  • 35 Multiple Choice questions (1 point each)
  • 5 Definition questions (1 point each)
  • 1 Brief with Viewpoint Graph (Viewpoint and Brief)  (10 points)

Content:
  • ECONOMIC FUNDAMENTALS:
    • SCARCITY
      • LIMITED AND DESIRABLE
      • CHOICE
    • OPPORTUNITY COST
      • TINSTAAFL
    • PROFIT MOTIVE
      • COST-BENEFIT ANALYSIS
      • EUSR = MSUW
    • RATIONAL THINKING
      • FUTURE INVESTMENT
      • IMPERFECT INFORMATION
    • MARGINAL BEHAVIOR
      • INCENTIVES MATTER
    • TRADE CREATES WEALTH
  • FOUR ESSENTIAL QUESTIONS:
    • WHAT?
    • HOW?
    • WHO?
    • MORE?

  • SOCIAL SCIENCE:
    • POSITIVE/OBJECTIVE
      • FACTS
      • THEORY
        • INDUCTION
        • DEDUCTION
    • NORMATIVE/SUBJECTIVE
      • POLICY
      • MACRO/MICRO
    • FALLACIES
      • POST HOC
      • COMPOSITION
      • DEFINITION
      • BIAS
  • FOUR RESOURCES:
    • LAND
    • CAPITAL
    • LABOR
    • ENTERPRISE
  • THREE SYSTEMS
    • TRADITIONAL
    • MARKET
    • COMMAND
VOCABULARY

 SCARCITY
CHOICE
RESOURCES
CAPITAL
LAND
LABOR
POSITIVE/OBJECTIVE
NORMATIVE/SUBJECTIVE
RATIONING
TRADE-OFFS
OPPORTUNITY COST

 PROFIT
UTILITY
INVESTMENT
MARGINAL
CETERIS PARIBUS
BIAS
POST HOC FALLACY
FALLACY OF COMPOSITION
MICROECONOMICS
MACROECONOMICS
PRODUCTION POSSIBILITIES		 FULL EMPLOYMENT
FULL PRODUCTION
TECHNOLOGY
TRADE
INVENTION
INNOVATION
MASS PRODUCTION
DIVISION OF LABOR
SPECIALIZATION
CAPITALISM
SOCIALISM