The tools, machines, and buildings used to produce things
What is Capital
100
Physical things that have been produced for sale or use.
What is a Good?
100
The 3 Factors of Production.
What are Land, Labor, and Capital?
100
What will be produced? How will it be produced? For whom will it be Produced?
What are the 3 Economic Questions?
100
The country that had the most sticky notes on it when we looked at global trade.
What is China?
200
Work done by someone else that you are willing to pay for.
What is a Service?
200
Becoming an expert in a particular activity.
What is Specialization?
200
Mandy's __________ of attending college after graduation is becoming a famous singer.
What is Opportunity Cost?
200
The government or a _____ _______ makes the decisions in a Command Economy.
What is a Powerful Leader?
200
One benefit of trade.
What is Trade moves goods to people who value them?
What is Trade lowers the cost of goods?
What is Trade increases the quantity and variety of goods?
300
The value of the "next best alternative" that is given up when making a decision.
What is Opportunity Cost?
300
An economic system in which the decisions about production and consumption are made by the government.
What is a Command Economy?
300
__________ results when our wants are unlimited and our resources are limited.
What is Scarcity?
300
The United States has a __________ Economy.
What is Mixed?
300
Tony produces 20 Snowboards and 40 Skis. Susan produces 10 Snowboards and 15 Skis. Tony has the _____ _______ because he can produce more of both goods.
What is Absolute Advantage?
400
An economic system in which the decisions about production and consumption are made by both individuals and the government.
What is a Mixed Economy?
400
An economic system in which decisions are made by individual producers and consumers.
What is a Market Economy?
400
There are _________ when a production point is on the inside of a PPF curve.
What are Wasted Resources?
400
A firm (business) pays taxes to the government and provides services to the government. The government gives _________and ________ and payments to the firms.
What are Goods and Services?
400
Bob's opportunity cost of producing bouncy balls is 1/2 of a Frisbee. Joey's opportunity cost of producing bouncy balls is 1 Frisbee. _______ has the comparative advantage.
Who is Bob?
500
When someone can produce a good at a lower opportunity cost than someone else.
What is Comparative Advantage?
500
When someone can produce a good using fewer resources than someone else.
What is Absolute Advantage?
500
This scenario is impossible.
What is When a Production Point is outside of the PPF curve.
500
The characteristic of the American Free Enterprise System in which everyone has the same rights to compete in the marketplace.
What is Equal Opportunity?
500
Andy has the comparative advantage in producing cars. Steve has the comparative advantage in sunglasses. Andy will ________ in producing cars.