1. What can be done to motivate companies to evaluate training programs? Remember the county who spent $50,000 on speed reading. Did they evaluate to see if they got their monies worth?
2. What are the strengths and weaknesses of each of the following designs:
* pretest/posttest comparison group,
* pretest/posttest only?
1. Know the definition for scarcity.
Scarcity is the inability to satisfy all our needs due to several reasons; such as, limited income, spending expenses, and time.
2. What is Economics?
It is the choices that everyone copes with scarcity, how they are influenced, and how they are coordinated.
3. What kind of questions does economics answers? Know their examples also.
1. How do choices end up determining what, how, and for whom goods and services get produced?
2. When do choices made in the pursuit of self-interest also promote the social interest?
What determines the quantities of corn we grow? How are goods and services produced? For who are goods and services produced? Examples: people’s income, not thinking other’s income, and machinery.
4. What is a rational choice?
A rational choice is one that achieves the objective of the person by using available resources.
5. Opportunity cost is measured in what terms? Also, know examples of this.
Opportunity cost is measured based on something that you must give up to get it. Opportunity cost: Cell phone is the number of CDs forgone to get an additional cell phone.
6. What is Sunk cost? Be familiar with examples of this.
Sunk cost is a cost that was previously incurred and it is irreversible. Example: You pay for your apartment in advance, but if you decide to move out early then you would not be able to get the money back. The money would stay with the apartment personal.
7. What is marginal cost?
Marginal cost is the opportunity of a one-unit increase in an activity.
8. What happens to the benefit of an activity... [continues]
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