What is the study of how people choose to use scarce resources to satisfy their needs and wants.
100
These are the three questions that every society must answer to be functional.
What to produce, how to produce it and who to produce it for.
100
This is the ability of everyone to take part in the market economy by Free Choice.
What is Open Opportunity.
100
This is the willingness to by a good or service and having the ability to pay for it.
What is Demand.
100
This is the desire and ability to produce and sell a product.
What is Supply.
200
What is the definition of needs and wants
Needs are things that are necessary for survival. Wants are desires that can be satisfied by consuming a good or service...
200
This economic system is where the government makes all economic decisions.
What is a Command Economy.
200
These are products provided by federal state, and local governments and consumed by the public as a group
What are Public Goods
200
What does the Law of Demand state
What is when prices go down, consumer demand increases. When prices go down, consumer demand decreases.
200
Please correctly describe the Law of Supply
What is when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.
300
What are incentives
What is methods used to encourage people to take certain actions.
300
In this type of economy, your role is predetermined by the the role of your parents.
What is a traditional economy
300
This is a side effect of a product that affects someone other than the producer or the buyer.
What is an externality.
300
This is a listing of how much of an item and individual is willing to purchase at each price.
What is a Demand Chart or Demand Curve
300
On the board correctly create a supply chart and supply curve for product - Brisket.
Mr. Martorelli Approval
400
What are the three factors of production.
What is Land, Labor and Capital.
400
This is an economic system in which individual choice and voluntary exchange direct economic decisions.
What is Market Economy.
400
This is a government payment that helps cover the costs of an economic activity that has the potential to benefit the public as a whole.
Example used in class.... Farming...
What is a subsidy.
400
Please correctly draw up a Demand Chart and Demand Curve based on gasoline.
Mr. Martorelli Approval
400
This is the change in total output brought about by adding one more worker.
What is Marginal Product.
500
!!!!DAILY DOUBLE!!!!
This is the value of something that is given up to get something else that is wanted....
What is an Opportunity Cost
500
Please correctly illustrate the Circular Flow Model on the board.
Mr. Martorelli approval.
500
This word, another name for capitalism, is an economic system based on private ownership of productive resources.
What is Free Enterprise System.
500
Please correctly identify 5 out of the 6 factors that can cause a change in Demand.
What is Income, Market Size, Consumer Tastes, Consumer expectations, substitute goods and Complementary Goods.
500
!!!! DAILY DOUBLE!!!
Please Correctly Identify 5 out of the 6 factors that can cause a change in Supply.
What is Input Costs, Labor Productivity, Technology, Government Action, Producer Expectations and Number of Producers.