Economic

Question 0

What is Public Policy?

Answer 0

A definite course or method of action designed to meet the needs over goals of a groups of people. ( U.S. Government of your family)
Example: Obama Care, school of mines, Mariana. A rule or law to address a issue.

Question 1

What is Issue?

Answer 1

Issue is not an event - is ongoing - has long term effects - is something we can do something about - is something with TWO OR MORE sides .
Example: immigration, gun control, gay marriage.

Question 2

What is Incentive?

Answer 2

Rewards for behavior

Example: money,stuff,praise,food, privileges,competition,grades.

Question 3

What is Disincentive?

Answer 3

Deterrent or punishment for behavior

Example: tickets,shame,quilt,taking away privileges, physical punishment.

Question 4

What is Scarcity?

Answer 4

Limited resources , unlimited wants.

You are forced to choose.

Question 5

What is Choice?

Answer 5

Choosing in own best interest, as you perceive them.

Question 6

What is Rational Choice?

Answer 6

Choosing in own best interest, as you perceive them. Your personal reference.

Question 7

What is Value?

Answer 7

Based on tastes and preferences. The greater the supply the lower the price. *Buyers willingness to pay.

Question 8

What is Cost or Opportunity?

Answer 8

Highest value alternative. The value of the next best choice.

Question 9

What is Price?

Answer 9

Willingness of buyer and ability of buyer to purchase.

Question 10

What is Cost/Benefit Analysis?

Answer 10

Compares benefits generated by an activity with its opportunity cost of production. The rule
Is benefits exceed costs than the activity is efficient and should be undertaken.