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St. Agnes Academy
ECON 1
Chapter 1
1)Explain the idea of tradeoff and think of three tradeoffs you have made today.
- Explain what economists mean by rational choice and think of three choices you’ve made today that are rational.
- Explain why opportunity cost is the best forgone alternative and provide examples of some opportunity costs you have faced today.
- Explain what it means to choose at the margin and illustrate with three choices at the margin you have made today.
- Explain why choices respond to the incentives and think of three incentives which you have responded today.
- Distinguish between a positive statement and a normative statement and provide examples.
- What is a model? Can you think of model that you might use in your everyday life?
- How do economists try to disentangle cause and effect?
- How is economics used as a policy tool?
- What types of jobs do economists do?
- What is the range and median level of economists’ pay?
- What are the skills needed for an economics job?
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