7 Principles
The following scenario describes which economic principle:
A city builds many new roads to reduce traffic now. In the future, more people move there, increasing traffic again and increasing pollution—showing long-term consequences of a short-term choice.
What is future consequences count?
On the PPC, any point that lies outside the curve is considered...
What is impossible or unattainable?
These are the three economic questions every economy must answer.
What to produce?
How to produce?
Who gets it?
Which of these is an example of physical capital?
a. Law School
b. Hammer
c. Dairy Cows
d. Trees
What is hammer?
Closest guess win:
The world record for the tallest sandcastle ever built is _____ feet tall
What is 70?
The following scenario describes which economic principle:
You grow tomatoes, your neighbor grows strawberries. You trade 5 tomatoes for 5 strawberries. Both of you have more variety than if you tried to grow both.
What is trade makes everyone better off?
On the PPC, any point that lies inside the curve is considered...
What is inefficeint?
The economic system that involves individuals making choices and some government intervention
What is mixed?
Which of these is an example of labor?
a. Desks
b. Teachers
c. Chairs
d. Lamps
What is teachers?
Closest Guess Wins:
The total number of pages in all Harry Potter books combined.
What is 3407?
The following scenario describes which economic principle:
You have 3 hours after school and want to play soccer, practice piano, and finish homework. You can’t do all three, so you must choose.
What is scarcity forces tradeoffs?
On the PPC, any point that lies on the curve is considered...
In this system, consumers and businesses answer the three economic questions and there is no government involvement.
What is free market?
Which of these is an example of land?
a. Beef Cattle
b. Tractor
c. Farmer
d. Grill
What is Beef Cattle?
Closest Guess Wins:
There are this many Chipotle locations in Virginia.
What is 140?
The following scenario describes which economic principle:
A coffee shop is deciding whether to add one more barista for the morning rush. The extra wages are the marginal cost, the additional drinks sold are the marginal benefit.
What is thinking at the margin?
The opportunity cost from moving from A --> D
What is 31 capital goods?
In this economic system, the government answers the three economic questions
What is command or centrally planned?
Because people cannot have everything they want, people have to make...
What are choices?
Closest Guess Wins:
There are this many escalators in the state of Wyoming?
What is 2?
The following scenario describes which economic principle:
A store offers a free gift with every $100 spent. People who were only going to buy $80 suddenly increase purchases to get the gift.
What is incentives matter?
What is the opportunity cost from moving from B--> C
What is 32 consumer goods?
Name an advantage to using a command economy?
More equitable
Basic needs covered
The skills and knowledge gained by a worker through education and experience...
What is human capital?
The heaviest pumpkin ever recorded weighed
2,947 lbs