Vocabulary
Name the factors of production
What are land, labor, capital and entrepreneurship?
These are the three questions that every economy must answer
What, how and who?
The situation in which a good or service is temporarily unavailable.
What is Shortage
Closest Wins!
After the release of Cast Away, job applications for Fedex went up by _____%
What is 30?
True or False: When thinking at the margin, you are comparing the additional costs v. the additional benefits.
What is True?
The skills and knowledge gained by a worker through education and experience.
What is Human Capital.
In this economic system, the government answers the three economic questions
What is Command?
On the PPC, any point that lies on the curve is considered...
What is efficient?
The current world record for the tallest sandcastle ever built is _____ feet tall.
Closest Wins!
What is 70?
When making a choice, the value of the best alternative that was NOT chosen
What is opportunity cost?
The engineer who designed the school bus you ride to school in or the chef who cooks your dinner when you go to a restaurant are examples of..
What is Labor?
In this system, consumers and businesses answer the three economic questions and there is no government involvement.
What is free market?
What is the core problem of Economics?
What is Scarcity.
Richard Hatch was the very first winner of this reality competition
What is Survivor?
The idea that all decisions come with consequences that couldn't necessarily be anticipated.
What is the law of unintended consequences?
What are natural resources that are used to make goods and services? Name 3 examples of this.
What is Land. Answers vary.
The economic system that involves individuals making choices and some government intervention
What is mixed?
The idea that society's goals will be met because everyone seeks their own self-interest
What is the Invisible Hand?
Geographically closest wins!
In 2016, an engine failed resulting in a plane crash killing the Director of State Health department from this US state?
What is Hawaii?
Adam Smith coined this term, that refers to little to no government involvement.
What is laissez faire?
If I was making a pizza, the oven, blender and knives used during the process of making the pizza are considered these...
What are capital goods?
Why do cab drivers in Cuba make more than doctors?
What they have private licenses?
On the PPC, any point that lies inside the curve is considered...
What is inefficient or underallocated?
What is the solution of the following:
Number of Oscars Cast Away won +
Number of years Chuck is missing +
Travis Kelce's Jersey Number /
# of times Patrick Mahomes has won SB MVP
What is 31?
2 + 4 + 87 = 93/3=31