______ vs. _______
Basic Terms
Economy
Factors of Producition
Misc.
100
Things essential for life vs. things desired
What is needs vs. wants
100
This is the list of everything else you could have done with your time or money.
What are trade-offs
100
These are the people who conduct research, collect and analyze data, monitor economic trends, and develop forecasts.
Who is an economist
100
A tree is an example of this factor of production.
What is land
100
The number of questions on the pre-test.
What is 150
200
Everything you give up vs. the next best alternative
What is trade-offs vs. opportunity cost
200
The two main limited resources economists focus on.
What are time and money
200
Factors that cause economists to disagree.
What are opinions and values
200
A printer is an example of this factor of production.
What is capital
200
The day homework is officially considered late and will be graded for half credit.
What is the day of the test.
300
A representation that helps explain and predict economic behavior vs. a graph showing combinations of goods and services.
What is economic model vs. production possibilities curve.
300
The best thing that you must give up to get something.
What is the opportunity cost
300
This is used as a visual representation of a real world situation to test a hypothesis.
Economic model
300
Starting your own business is an example of this factor of production.
What is entrepreneurship
300
This is where Mrs. Gallup taught before Baraga.
What is Watersmeet
400
Deals with large economies (governments) vs. small units (family and individuals)
What is macroeconomics vs. microeconomics
400
Tools, instruments, machines, buildings and other items produced in the past used to produce foods and services.
What is Capital
400
Economists inform but do not ___________
What is judge
400
These are the four factors of production.
What is land, labor, capital, and entrepreneurship?
400
They are the founder of classical economics.
Who is Adam Smith.
500
Factors of production: lake vs. barber.
What is land vs. labor
500
The condition that arises because wants exceed the ability of resources to satisfy them.
What is scarcity
500
This is used to illustrate the combinations of goods/services a business has the resources to produce/supply.
What is a production possibilities curve
500
This is the sometimes fifth factor of production.
What is technology
500
This is the classic example for explaining production possibilities.
What is military defense vs. civilian goods.
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