Basic Econ Concepts
Economics is the study of how society uses _____.
What are scarce resources?
Every choice made has something given up.
What is Opportunity Cost?
Used to graph demand curves.
What are demand schedules?
The Factors of Supply.
What is TRICE?
Mr. Listovitch's favorite color.
What is red?
When something is useful it has ______
What is Utility?
Every alternative option has multiple ______.
What are Trade-Offs?
The Factors of Demand.
What is MERIT?
The law of supply focuses on the perspective of ____.
What Mr. Listovitch and Mr. Horowitz say about PACK.
What is PACKtastic/PACKilicous?
The characteristic of free enterprise that gives people the incentive to work hard.
A point on the Production Possibilities Curve.
What is Efficient?
The magnitude of change in quantity demanded when the price changes.
What is Price Elasticity of Demand/Demand Elasticity?
The Law of Supply shows this relationship between price and quantity supplied.
What is positively related?
Mr. Listovitch's favorite sport.
What is Baseball?
The economic system in which buyers and sellers make supply and demand decisions.
What is a Free Market/Market Economy?
A graph that shows choice, scarcity, and opportunity cost.
What is the PPC?
What is a change in quantity demanded?
Complements and substitutes are related to this factor of supply.
What are Related Prices?
I tricked you. Price is determined when this happens.
Where do supply and demand intersect?
Who is Adam Smith?
The formula for Opportunity Cost.
What is something sacrificed divided by what is gained?
A change in the Factors of Demand cause _____.
What is a change in Demand/Demand curve shift?
Wages, rent, and taxes are examples of what factor of supply.
What are Input Prices?
The number of dogs Mr. Listovitch owns.
What is 2?