Economic Terms
Macro or Microeconomics?
Factors of Production
Cost, Revenue, and Profit
Random fun stuff
100
The things in this picture are all _______________.
Needs!
100
Micro or Macro?
The government raises taxes for families making between $50,000 and $300,000 a year.
Macro
100
Which factor of production?
Land
100
The rent a business pays each month for their warehouse is an example of a __________ __________.
Fixed Cost
100
Baby dogs are called puppies, what are baby geese called?
Goslings
200
The fancy car in this photo represents a _________.
Want
200
Daniel's father loses his job, and the family has to sell their house and move into an apartment.
Micro
200
Which factor?
Capital
200
Imagine you own a clothing company, give me an example of a VARIABLE COST you may have.
price of material (cotton, wool, etc.), labor (depending on number of employees), shipping out products (depending on sales) etc.
200
How many kids go to school at Achieve (if you're within 50 I'll give you the points)
450! (Answers between 400 and 500 will be correct)
300
This cookie is especially valuable because of what economic concept?
Scarcity (rare) (the last one)
300
The Federal Reserve (America's bank) makes borrowing money more expensive by raising interest rates.
Macro
300
Which factor?
Labor
300
Jill owns a hotdog stand. She sells her hotdogs for 1$ each. Yesterday, Jill sold 74 hotdogs. What was Jill's REVENUE yesterday?
74$
300
What's Mr. Lincoln's dog's name?
Thisbe
400
Mr. Lincoln wants a new guitar...but he also needs to buy Chi a birthday present....he can't afford both, and because he values his own safety...he buys Chi a birthday gift. The guitar Mr. Lincoln wanted, but gave up in order to buy Chi's birthday gift was the ______________ ________________ in this example.
Opportunity cost
400
A war in the Middle East causes gas prices to skyrocket (go up quickly).
Macro
400
Which factor?
Entrepreneurship
400
Variable costs and fixed costs are called _________ __________ when added together.
Total costs.
400
How old is Mr. Lincoln?
32
500
This is the name for when the prices of goods and services in an economy all get more expensive.
Inflation
500
John realizes that he lost his wallet containing 500$!
Micro
500
Name a CONSUMER GOOD for the SUPREME company.
Name a CAPITAL GOOD for the SUPREME company.
Consumer Good = Sweatshirt, backpack, tee shirt, whatever else they sell.
Capital Good = rubber, cotton, dye, etc.
500
Jill owns a hotdog stand. It costs her 25 cents to buy each hot dog, and 25 cents to buy each bun. She also spends 1$ each day she's open on ketchup (she doesn't offer mustard). She doesn't make an hourly wage, but only pays herself the profits she makes selling the hotdogs. Jill sells each hot dog for 1$. Yesterday she sold 100 hotdogs. What was Jill's PROFIT yesterday?
49$
500
Who is this man?
John F. Kennedy. (Kennedy, JFK, President Kennedy)