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| Name a good that is not scarce. | Garbage, dirty air, etc... | |
| When is a good not scarce? | If everybody can have all they want of it. | |
| What is economics? | The study of rational choice under conditions of scarcity. | |
| What is an alternative definition of economics? | The study of creation and distribution of VALUE. | |
| What is scarcity? | The imbalance between the amount of something that people want and the amount that is freely available. | |
| What is an opportunity cost? | The best alternative forgone when a choic is made. | |
| Give an example of an opportunity cost. | Answers will vary. | |
| What is rational choice? | A calculated, self-interested decision; costs-benefit analysis | |
| Is economics about money? | No. | |
| Can we make economic models of almost anything? | Yes. | |
| What is the formula for Value? | Value = Benefit - Cost | |
| If everyone made rational choices, | individuals would still differ in their choices. | |
| A rational person makes a choice if | the benefits outweigh the costs. | |
| Fitting a line with a positive slope to a scatter diagram indicates | a direct relationship of the variables | |
| A scatter plot is | information arrayed in a two-dimensional space to represent two variables for each data point. | |
| What is a scatter diagram? | A collection of points on a graph showing the observed relationship between two variables. |
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