Basic
Econ
Econ
This is the study of how people use their limited resources to satisfy their unlimited wants.
This is the thing you give up when you make a decision.
What is opportunity cost.
Jimmy calls in sick to work and misses out on 4 hours of work at $11/hour. This is his opportunity cost.
What is $44?
In 2022, the Leprechaun who represented this cereal turned 58
Lucky Charms
Scarcity forces people to make these.
What is trade-offs (or choices)?
You buy breakfast at CCHS instead of eating at home. The money you pay to CCHS is an example of what type of cost?
What is direct cost?
You choose to go to a concert (tickets cost $27) instead of babysitting for $40. This is your opportunity cost
What is $67?
Who is the fictional naval captain known for his distinctive blue coat, white mustache, and love for crunchy corn squares?
Who is Cap'n Crunch?
The Circular Flow Model shows the relationship between these two major players in the economy.
What are Households and businesses? (or resource and product market. or factor and g/s market)
The sun is setting at 7:05 tonight but I have to put my baby to sleep at 7, so I'm stuck inside. This is the opportunity cost of that decision.
What is watching the sunset
You go to the movies. Tickets cost $20, and snacks cost $10. You could have worked a shift and earned $50. This is your total opportunity cost
What is $80?
This cereal repeatedly tortures a hapless animal with "silly rabbit", this cereal "is for kids!"
What is the Trix?
Economists examine the national unemployment rate and overall economic growth, which is an example of (Micro or macro?)
What is macroeconomics?
You take the scenic route home instead of the freeway. The extra time you had to spend in the car is an example of this.
What is indirect cost?
You go to Disneyland with your friend. You buy the tickets for $100. Your friend buys 3 meals for $50 per meal. At the end of the day, you decide to buy yourselves matching Mickey ears, $33 each. This is your opportunity cost of going to Disneyland.
What is $233?
This mascot, known for his colorful plumage and oversized beak, serves as the face of a popular fruity breakfast cereal.
Toucan Sam