Scarcity
Opportunity Cost
Production Possibilties Curve
3 Key Economic Questions
Misc
100

What does Scarcity mean?

Making Choices

100

What is Opportunity Cost?

A person who chooses one alternative gives up other alternatives.

100

What is Production Possibilities Curve?

Shows alternative ways of using a country's resources

100

What are the 3 Key Economic Questions?

1) What goods and services should be produced? 

2) How should these goods and services be produced?

3) Who consumes these goods and services?

100

How many cards are in a standard deck of playing cards?

52

200

What is the difference between a Need and a Want?

Human and Physical

200

What does it mean to "thinking at the margin?" 

Means deciding about adding or subtracting one unit of a resource, such as one hour of sleep.

200

What does Efficiency mean? 

is using resources in such a way as to maximize the production of goods and services.

200

What is a Profit?

The amount of money a business receives in excess of its expenses

200

Which country is the largest in the world?

Russia

300
What are Goods and Services?

Goods are things that we buy, and Services are actions people do for each other

300

What does Guns or Butter mean? 

A country decides to spend money on Military Goods or Consumer Goods

300

What does the Production Possibilities Frontier show?

The line on the curve that shows the maximum possible production.

300

What is factor Payment? hint (land, labor, capital)

The income someone receives from supplying factors of production.

300

what's the best-selling book of all time?

The bible

400

What are the 3 Factors of Production?

Land, Labor, and Capital

400

What does the Marginal Benefit mean?

The benefit of adding one more unit

400

Is underutilization a good or bad thing? Why?

Bad, it is when a country is using fewer resources than it is capable of using.

400

What is a safety net in economics? 

are programs from the government that help people when they have unfavorable economic conditions (layoff, injuries or natural disasters.

400

What is the name of the pet dinosaur on the TV cartoon “The Flintstones”?

Dino

500

What are the two types of Capital?

Human and Physcial Capital

500

What is a Trade-off when making decisions? 

Are alternatives people give up when they choose one course of action over another

500

Law of increasing Cost (Opportunity Cost)

The more you produce one unit, the more expensive it gets to produce the second item.
500

What does Security mean in Economics?

Knowing that certain items in a supermarket are always available. 

500

What is an eight-sided shape called?

Octagon

600

What is the difference between Scarcity and Shortage?

Scarcity refers to the limited availability of a resource, while shortage refers to a temporary deficit of a resource

600

What is Marginal Cost?

The cost of adding one more unit of anything.

600

How can technology help in production?

It can increase a country's efficiency.

600

What is economic Freedom?

To buy want you want, work where you want and to own property

600

The first iPhone was released in what year?

2007

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