Say whether these statements are true (T) or false (F), and why.
Date: 2015-10-07; view: 1150.
REVIEWING THE CONCEPT
UNDERSTANDING THE READING
COMPREHENSION
2.4.1. Give extensive answers to the questions. Use the following expressions to start your answers:
| I assume that ...; | To my mind ...; | There is no doubt that ...; |
| True enough it's ...; | Briefly, ….; | That goes without saying ...; |
| It seems to me there can be no two opinions about this ...; |
1. Why must people make choices about what they want most? What does each choice involve?
2. What is the link between economic choice and opportunity cost?
3. In what terms are the production costs counted?
4. What must people be aware of to make choices that best satisfy human wants?
5. Why are economic choices necessary?
6. What is the difference between real costs and opportunity costs?
7. Why is it important for the society to be aware of tradeoffs when making economic choices?
8. When can a society make the decision that best fits its values and goals?
9. Why is it necessary for a nation to make careful decisions about how to allocate its resources?
10. Why is it necessary for an individual to make careful decisions about how to allocate personal resources?
11. What does the usefulness of economic models depend on?
e.g. True enough ... .
I assume it is false that ... because ... .
| T F | 1. | All production involves a cost. This cost is counted simply in terms of money. |
| T F | 2. | The various resources used in producing a good or a service are the real costs of that product. |
| T F | 3. | In building a bridge the real costs of it are only natural resources it consumes. |
| T F | 4. | Since resources are limited and human wants are unlimited, people and societies must make choices about what they want most. |
| T F | 5. | The value of time, money, goods and services given up in making a choice is called opportunity costs. |
| T F | 6. | Any resources used for one thing are then no longer available for something else. |
| T F | 7. | To make choices that best satisfy human wants, people have no need to take into consideration any tradeoffs. |
| T F | 8. | When people are aware of all the tradeoffs a society will understand the true costs of making one decision than another, and can make the decision that best fits its values and goals. |
| T F | 9. | One way of using the concepts of opportunity costs and tradeoffs to explain how the economy works is to construct a simple plan of the economy called an economic model. |
| T F | 10. | A simple plan of the economy called an economic model is absolutely useless for the economists. |
2.5 SPEAKING&WRITING
| <== previous lecture | | | next lecture ==> |
| Opportunity costs | | | B. HUNDREDS, THOUSANDS, AND MILLIONS |