Defining Economics
Economic decisions
Production
Popular economics
Movies/ Music/Sports
100
a system in which scarce resources are organized for the production, distribution and consumption.
What is An Economy?
100
The next best alternative foregone
What is opportunity cost?
100
Land, Labour, Capital, Enterprise
What are factors of production?
100
This singer entered the Forbes list as the richest female musician with, at that time a fortune of 1.7 billion USD. She earned the lion's share of her income with the help of Fenty Beauty, a cosmetics company.
Who is Rihanna?
100
The highest paid female athlete in 2024/25
(hint :Sport Tennis)
Who is Coco Gauff?
200
the central problem in economics: unlimited wants and limited resources
what is scarcity?
200
This economic Agent influences the decisions of others by setting laws and providing incentives.
what are the government?
200
The period of time in which at least one factor of production is fixed.
What is the short run?
200
The second largest economy in the world after the United States.
What is China?
200
Pop hits such as "As it was" and "late night talking" are churned out by this UK singer
Who is Harry Styles?
300
It shows all possible combinations a country is capable of producing using all their resources.
What is a production possibility curve?
300
These Goods are not scarce and have no opportunity cost
What are free goods?
300
This type of capital remains fixed for a certain range of output and includes buildings and factories
what is physical capital?
300
This country is not only popular for its production of football legends, Its also the worlds largest producer of coffee.
What is Brazil?
300
This B-baller is the top 3 point scorer of All time
Who is Stef Curry?
400
a selection by an individual of one thing over alternatives in a set of options
What is a Choice?
400
This group decides what to produce based on the cost and availability of factors of production
Who are firms? (businesses)
400
Describes how well a factor converts inputs to outputs.
what is productivity?
400
This South Korean technology giant accounts for 20% of its country's Income.
What is Samsung?
400
This Newcastle striker refuses to play for his team to force a move to Liverpool before the transfer window closes.
Who is Alexander Isak?
500
The point at which additional output of one good cannot be obtained without decreasing the output of another good.
What is efficiency?
500
When Private firms may target exclusive luxury markets or produce many goods for a large mass of people, they are answering this resource allocation question
What is 'For Whom to produce'
500
The dividing up of tasks in the production process which allows for workers to become very proficient in a few steps in the production process.
The division of labour & specialisation
500
With two of its largest producers Russia and the Ukraine entangled in war, the world has faced high prices for these essential commodity.
What is Wheat? or What is fertilizer?
500
This classic hero must reconcile his alien Kryptonian heritage with his human upbringing. As the embodiment of truth, justice and the human way he soon finds himself in a world that views these as old-fashioned.
Who is superman?