1. Economics is the study of the …………….

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1. Economics is the study of the ……………that we make in the allocation of scarce resources.

2.In …………….. whether or not to go to a particular concert … if the…………………………the marginal cost, then it would be “rational” to go.

3.A real cost of ……………….to attend a concert is not only the out-of-pocket $ $ $ cost, but also the………………(lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.

4. ……………is when more money is paid for the same amount of goods and services than in a previous time period.

5.In the Resource (or Factor) Markets of the Circular Flow model, Households provide …………………….. to the Business sector in exchange for Profits.

6.In the Product Markets of the Circular Flow model, Households provide ……………………..to the Business sector in exchange for Goods and Services.

7.Over a reasonable period of time…………..must ……………….to balance its trade within the global markets in order to prosper.

8. ……………is concerned with how we …………..to use our scarce resources on a limited variety of projects.

9. …………….is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.

10.Critical reasoning in economics is an activity which considers alternative courses of action and the expected results (benefits) relative to the…………….of each action.

11.Full Employment is the goal seeking the full use of all available ………………….

12.There are many variables which determine(s) how much individuals are able to make during their careers and (using “ceteris paribus” based studies) the major variable turns out to be their………………….

13.In the Resource (or Factor) Markets of the Circular Flow model, Households provide…………………..)to the Business sector in exchange for Rent.

14.The……………….of Economics are the generally accepted theories about resource allocation.

15.In …………… whether or not to go to a particular concert … if the marginal cost is less than the marginal benefit (marginal utility) gained, then it would be “rational”…………..to the concert.

16The statement, “The government …………..a policy to create a lower rate of inflation”, is a………………statement.

17.A balance of responsibilities taken on by all people in each sector of the economy results in……………… for all people.

18.Freedom for citizens is a goal of economics within……………...

19.Microeconomics analyzes how we ………….. to use our resources on a smaller scale and includes measures of performance such as both b. and c. (business costs, consumer utility patterns)

20.In order to evaluate the …………..that must be made toward providing value for people, it is assumed that all parties to the processare …………….

21. ………… Economics is the application of the Principles of Economics to decision making……………. by the various arms of the government.

22.Economics is the study of the ……………. we make in the………….. of scarce resources.

23.In …………. whether or not to go to a particular concert … if the marginal cost is greater than the marginal benefit (marginal utility) gained, then it would be “rational”……………. to the concert.

24.Critical reasoning in economics is the ability to analyze the allocation process logically and evaluate the……………… expected from alternative courses of action.

25.A…………… taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.

26.In the Resource (or Factor) Markets of the Circular Flow model, Households provide………….. to the Business sector in exchange for Wages.

27.……………..a nation must ……………to balance its trade within the global markets in order to prosper.

28.“Allocation” is concerned with how we …………….to use our………….. resources on some variety of different projects.

29.The Principles of Economics are the generally accepted theories about…………….

30. In the Resource (or Factor) Markets of the Circular Flow model, Households provide……………….. to the Business sector in exchange for Interest

31.In order to evaluate the………………that must be made toward providing value for people, it is assumed that all parties to the process are rational.

32.The actual goal of……………is to have an optimum (balanced) level of employment which will be discussed in a later lesson.

33. Growth and Full employment are ……………..economic goals.

34.The goals of Macroeconomics relate to the allocation of resources to achieve a …………………………….standard of living for a nation.

35.Economists emphasize the importance of changing only one variable at a time. This is called ………………..

36.The ……………is the difference between the monetary cost of the goods and services that a nation exports and the monetary cost of what it imports.

37.Anytime we receive a benefit from the allocation of a(n) ………….. it comes at a cost because we could have allocated that …………..toward another opportunity.

38.The concept of scarcity implies that we have …………..amount of all resources (or assets) compared to our desire to have more of everything which they can provide.

39.Growth and Stability are ………….. economic goals.

40.Inflation is when more money is paid for the same amount of……………..than in a previous time period.