______ vs. _______
Basic Terms
Circular Flow Chart
Factors of Producition
Misc.
100
Deals with entire nations' economies vs. specific market structures and firms.
What is macroeconomics vs. microeconomics
100
Amount of a goods or service available
What is Supply
100
Taxes and Transfers are two things that ____________ can use.
What is the Government
100
This is paid for the services of labor.
What is a wage?
100
The second all-time passing yards leader
Who is Dan Marino
200
The amount that people want vs. the total need for it.
What is the quantity demanded vs. demand?
200
A previously incurred cost. Should not effect decision.
What is a Sunk Cost
200
This sector is responsible for purchasing productive resources or producing goods and services.
What is the Producer sector
200
Paid for the use of land.
What is rent?
200
Shep's Grandmother lives in this state.
What is New York
300
VIDEO DAILY DOUBLE: http://www.youtube.com/watch?v=AIWl5LFlnBM
What is Demand vs. Quantity Demand
300
The best thing that you must give up to get something.
What is the opportunity cost?
300
This market involves rent, wagers, interest and profit
What is that Factor Market
300
The income of an entrepreneur.
What is profit?
300
Shep went to high school here.
What is Fairfield High School
400
One demand line changes at a different rate than another one.
What is an elastic demand line vs. a non-elastic demand line.
400
Tools, instruments, machines, buildings and other items produced in the past used to produce foods and services.
What is Capital
400
This market contains Expenditures on goods and services.
What is the Goods Market?
400
These are the factors of production.
What is land, labor, capital, and entrepreneurship?
400
Who played Alex Trebek in Celebrity Jeopardy in SNL.
Who is Will Ferrell
500
The factor of international trade where trading either adds or detracts to the nation's income.
What is exports vs. imports?
500
The condition that arises because wants exceed the ability of resources to satisfy them.
What is scarcity?
500
We are here in the circular flow chart.
What is Households?
500
The distribution of income among the factors of production.
What is functional distribution of income?
500
This is the Dude's first name.
What is Steve
M
e
n
u