[Robert_Brown]_Economics_New_Ways_of_Thinking_Guid(Bookos.org).pdf

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1、000094EconSampler.qxd2/15/062:47PMPage35Name:____________________________________________________Date:____________________CHAPTER1,SECTION1OutliningActivityLookthroughthechapterforanoverviewofthematerial.Payattentiontothemaintopicsinthebook.Asyouscaneachsectionofthebook,fillinthemissingwordsi

2、nthefollowingoutline.I.ScarcityExistsA.Peoplehaveunlimited______________________thingstheydesiretohave.B.Resourcesareneededtoproducethegoodsandservicesthatpeoplewant.C.Theresourcesavailabletosatisfyourwantsarelimited.Thisconditioniscalled______________________.II.ScarcityMeansMakingChoicesA.S

3、carcityexistsbecausewantsareunlimitedandresourcesarelimited.B.Withoutenoughresourcestosatisfyallofourwants,wemust______________________whichwantswewillsatisfy.III.MakingChoicesMeansIncurringOpportunityCostsA.Every______________________wemakehasanopportunitycost.B.______________________costist

4、hemostvaluedalternativeyougiveuptodosomething.C.Atrade-offisanotherwayofthinkingaboutanopportunitycost.Atrade-offmeansthatyoucangetmoreofonegoodonlybygivingupanothergood.IV.OneDiagram,ThreeEconomicConceptsA.A(n)______________________possibilitiesfrontier(PPF)showsallpossiblecombinationsoftwog

5、oodsthataneconomycanproduceinacertaintimeperiod.(SeeExhibit1-2onpage10ofyourtextbook.)B.ThePPFtellsusthatcertainthingsareavailabletousandcertainthingsarenot.C.ThepointsonthePPFandbelowitrepresentwhatisavailabletous.ThepointsbeyondthePPFrepresentwhatisunavailabletous.D.ThePPF,then,illustratess

6、carcitybyshowingusthatwecanthaveeverythingwewant.©EMCPublishingGuidedReadingandStudyGuide1E.Wemustmake______________________betweencombinationsofgoodsalongthePPF.Forexample,inExhibit1-2,wecanproduce20,000moresetsofskisbychoosingpointCoverpointB,butattheopportunitycostofproducing15,000fewersno

7、wboards.V.AConsequenceofScarcity:TheNeedforaRationingDeviceA.A(n)______________________deviceisawaytodeterminewhogetswhatandhowmucheachgets.B.______________________(acertainnumberofdollars)isthemostwidelyusedrationingdeviceinoursociety.VI.Ano