Scarcity and Choices
What is the basic economic problem of limited resources and unlimited wants?
What is Scarcity?
Name the four factors of production.
What are Land, Labor, Capital, and Entrepenurship?
A coupon for $5 off is an example of what type of incentive?
What is financial?
What distribution method relies on ability to pay?
What is price-based allocation?
Tangible items like food and clothing are called what?
What are goods?
Choosing one option means giving up the next best alternative. What is this called?
What is Opportunity Cost?
Which factor of production includes tools, machines, and buildings?
What is Capital?
Praise from a teacher is what kind of incentive?
What is Social?
Which method gives everyone an equal random chance?
What is Lottery?
Actions that satisfy wants or needs, like teaching or haircutting, are called what?
What are services?
Deciding between studying for a test or hanging out with friends is an example of what economic concept?
What is a "trade-off"?
A farmer, his land, and his tractor represent what economic concept?
What is Factors of Production?
Recycling to 'do the right thing' is an example of which incentive?
What is Moral/Ethical?
Waiting in line for Black Friday deals is an example of what distribution method?
What is first-come, first-served?
The cost of using resources for one purpose instead of another is called?
What is Opportunity Cost?
True or False: Scarcity only applies to poor countries.
What is false?
Which factor of production involves risk-taking and innovation?
What is Entreprenureship?
A speeding ticket is an example of what kind of incentive?
What is Coercive?
What method relies on government decision-making to allocate goods?
What is government allocation?
What is the study of how people use resources to satisfy wants and needs?
What is Economics?
Explain how scarcity forces choices in everyday life.
What is money, time, etc.?
Explain how 'land' differs from 'capital' in economics.
What is Land = natural resources; Capital = man-made resources?
Why do incentives matter in economics?
What is they influence choices and behavior?
Which method is most efficient? Which is most fair?
What is . . . your team just needs to make the case?!?!
How do scarcity, trade-offs, and opportunity cost connect?
What is they all describe the problem of limited resources and choices?