Vocab
Scarcity
Opportunity Cost
PPC
Grab Bag
100
People with all their efforts, abilities, and skills
What is Labor
100
Give me an example of Capital
What is hammer, tractor, sewing machine, etc....(human made good to produce other goods)
100
True or False No one can own free products and no price can be attached.
What is True
100
give an example of an Opportunity Cost that you have had to face.
What is multiple examples........EX. Mt Dew v. Dr. Pepper
100
What is Nike's famous slogan?
What is Just do it
200
Human-made resource to produce other goods
What is Capital
200
What is money used to buy goods called in economics?
What is Financial Capital
200
What is a manufactured good to produce another good called?
What is Capital Good
200
Give me an example of a durable good.
What is multiple examples.... Lawn Mower
200
How many playing cards in a deck of cards?
What is 52
300
All alternatives that were given up
What is Trade-Off
300
Who are the risk takers in search of profit?
What is Entrepreneur
300
What is the process of using up goods and services
What is consumption
300
Name two questions you would ask on a decision making chart? From the notes!
What is $50 or less, Parents approve, Use anytime, use more than once, future expenses
300
What was the 49th US state?
What is Alaska
400
The best alternate that was given up
What is Opportunity Cost
400
Give me an example of a free product
What is air, sun, weather, etc...
400
What type of economy is it where the consumers and business decide the what, how, and for whom to produce? Command - Free Market - Traditional
What is Free Market
400
What is the line called when you reach full production potential?
What is Frontier
400
At what age do people begin to shrink rather than grow? A) 30 B) 40 C) 50 D) 60
What is A) 30
500
Using resources inefficiently
What is Underutilization
500
Name two things that can cause the size of labor to change
What is Population, immigration, famine, war, disease, etc...
500
What is buying an expensive good or service to impress others called?
What is Conspicuous Consumption
500
What do economists use to compare military goods to consumer goods?
What is Guns v. Butter
500
What song begins with the lyrics: "Never looking so gorgeous as you did tonight" ________ in Red
What is Lady in Red
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