Economic Jumble
LAVUE
What is Value?
The problem of scarcity forces us to make these.
What are choices?
Land, Labor, Capital, Entrepreneurial Talent
What are the factors of production?
An economic model that shows the interactions between businesses and households.
What is the Circular Flow Model?
Economic activity turned Dave the cow into this delicious product.
What is a Hot Dog?
RATED-FSOF
What are Trade-Offs?
The value of a good or service depends on its scarcity and this measure of usefulness.
What is utility?
These individuals play the important role of organizing the factors of production into productive efforts.
Who are Entrepreneurs?
Investing in human resources can lead to this boost in economic output.
What is Productivity?
In Monopoly, it is the Amount of cash a player receives from passing go.
What is $200?
MAAD IMTSH
Who is Adam Smith?
Economics states that all societies face these three questions.
What are "What to produce", "How to produce", and "For whom to produce"?
Any point inside the PPF curve represents this type of production.
What is inefficient production?
A graph showing the maximum possible combinations of two goods an economy can produce, illustrating tradeoffs and efficiency.
What is a production possibilities frontier?
Brazil's leading export.
What are Soy Beans?
CEPSLAIAZINOIT
What is Specialization?
Economists use this clever acronym to remind us that economic cost always exists.
What is TINSTAAFL?
The PPF model illustrates this economic term very well.
What is Opportunity Cost?
Division of Labor will create greater productivity but also lead to this global development.
What is Economic Interdependence?
Adam Smith was an economist from this part of the United Kingdom.
Where is Scotland?
LINMARAG SISANALY
What is Marginal Analysis?
This popular production metric illustrates economics' ability to describe economic activity.
What is Gross Domestic Product?
Labor includes physical as well as this abstract form of effort.
What is Mental Effort?
This type of thinking considers costs, benefits, and incentives to make rational decisions at the margin.
What is economic thinking?
The amount of coffee Americans drink daily.
What is 400,000,000 cups?