The next best thing you had to give up to do the action that you chose
What is Opportunity Cost
100
A house is an example of what?
What is a need
100
A fruit is an example of what F of P (factor of production)
What is Land
100
When you get the most out of your current resources
What is Efficiency
100
The study of the economy as a whole
What is Macroeconomics
200
People try to maximize their ___1___ and minimize their ___2___
1. What is Benefits/Gains
2. What is cost/Looses
200
An IPhone is an example of what?
What is a Want
200
A person that drives a Lays potato chip semi-truck to a store is an example of what F of P (factor of production)
What is Labor
200
When the economy is utilizing its resources efficiently
What is Productive Efficiency
200
Sacrificing one good or service to purchase or produce another
What is Trade-off
300
You can either produce 35 computers or 20 T.v's. What is the opportunity cost if you produce 35 computers?
What is Producing 0 T.v's
300
An action that another person does for you
What is a service
300
Resources that are needed to produce goods and services
What is Factors of Production
300
Point X is outside of the production possibility curve what does this represent
What is Impossible Production
300
3 Questions that must be asked in economics
What is What to produce, How to produce, and Who is reciving your product
400
When the opportunity does not change with producton
What is Constant Opportunity Cost?
400
Basic economic problem because of limited resources and unlimited needs and wants
What is scarcity
400
Business owners are and example of what F of P
What is Entrepreneurs
400
A company can produce 30 sheets of blank paper and 20 sheets of notebook paper efficiently. The company is only producing 26 sheets of blank paper and 15 sheets of notebook paper (under production possibility curve). This is an example of what?
What is Underutilization of resources
400
The study of how people make decisions based on needs and wants, due to limited resoures
What is Economics
500
The opportunity cost of going from 0 hamburgers to 1 hamburger is 2 sloppy joes. The opportunity cost of going from 1 hamburger to 2 is 4 sloppy joes. This is an example of what?
What is Increasing Opportunity Cost
500
price determined and is man-made choice, there is not enough of that good right now
What is Shortage
500
Market where people put in the Factors of Production
What is Factor market
500
More people are buying milk then cheese so producers start producing more milk than cheese this is an example of what?
What is Allocative Efficiency
500
What comes out of factories and homes and goes into the government