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How is economics defined?
Study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants.
What is scarcity in economics?
Condition of not being able to have all the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
What best defines an opportunity cost?
Value of the next best alternative given up for the alternative that was chosen.
Who loves orange soda?
Kel loves orange soda.
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Everything that a person can buy, sell, and use in economics are broken into two categories. What are they?
Needs and Wants
Do people often have more wants or needs?
Wants
I have only enough money to buy a cheeseburger OR fries, but not both. I chose to buy the cheeseburger. What is the opportunity cost?
The fries
Brainrot shark with shoes
trallalero trallallà
Most annoying coach in the NFL?
Nick Sirianni
How would an economist define a need?
Anything you have to have to survive.
What are the four factors of production?
Land, labor, capital, and entrepreneurship.
True or False Opportunity cost must involve money?
False
Isaac's favorite kind of pizza
Beef and bacon
He's a wizard.
Harry Potter
How would an economist define a want?
Anything that isn't needed for survival.
What factor of production would employees fall under?
Labor
The economic choices made by an individual or small business would fall under what branch of economics?
Microeconomics
Who was the Kansas City Royals starting LF in 2015?
Alex Gordon
I have a structured settlement and I need cash now?
Call JG Wentworth 877-CashNow
What is the main choice in economics?
How to use scarce resources to satisfy your needs and wants.
What is a trade-off in economics?
Sacrificing one good or service to purchase or produce another
The economic choices made by a large corporation, such as Amazon, or the Federal Government would fall under what branch of economics?
Macroeconomics
Where is the best barbecue in Kansas City? (According to Mr. Powell)
Arthur Bryant's
Pizza Pizza
Little Caesars