Economic Concepts
What is the basic economic problem of scarcity.
Humans' wants and needs are infinite, while the resources needed to satisfy those wants and needs are limited and scarce.
The sacrifice of one desirable thing for another
Trade Offs
Darth Vader
An economic system (be as specific as possible) where the means of production are FULLY controlled by a central government.
Command - Communism
The law stating that as price rises, quantity demanded falls.
What is the Law of Demand?
Initial amount borrowed in a loan.
Principle
The curve that shows trade-offs between producing two goods or services or proper resource allocation is called what (Use full name).
What is the Production Possibilities Curve (PPC) or Production Possibilities Frontier (PPF)
Workers that create a product are part of what FOP?
Labor
A society deciding between building more schools or more highways demonstrates this type of scarcity-related decision.
Allocating resources/Opportunity Cost
Costs that are not directly paid in money, like lost time.
Implicit Costs
This Netflix show features a dating process where couples get engaged through conversation without knowing what the other looks like.
Love is Blind
The Scottish economist who introduced the “invisible hand.”
Adam Smith
Goods that can replace each other, like Coke and Pepsi.
Substitute Goods
Money given that doesn’t need repayment.
Grants/Scholarships
A point inside the PPC represents this type of efficiency.
What is underutilization (inefficiency)?
A tractor is an example of this factor of production. Be as specific as possible.
Capital (Physical)
This school of economics focuses on individual decisions and firms.
Microeconomics
Choosing to study one extra hour instead of sleeping reflects this decision-making approach.
Thinking at the margin
This NFL team features first round 2025 NFL draft pick and Heiman Trophy winner Travis Hunter who plays on both offense and defense. Include City and Team Name.
Jacksonville Jaguars
An Economic model which shows the flow of resources and capital that stimulates a market economy between firms and consumers.
Circular Flow Model
When quantity supplied is greater than quantity demanded.
Surplus
Combining multiple loans into one with the goal of simplifying payments or lowering interest.
Consolidation
If new technology improves efficiency, the PPC shifts in this direction.
What is outward (to the right)
A CEO who takes risks to create new products represents this factor.
Entrepreneurship
This school of Economics focuses on economic policy and country-level analysis.
Macroeconomics
Johnny works full-time and is out of sick time. He works at a rate of 25$ per hour and takes three hours off without pay to attend a friend's birthday where he must buy a 20$ birthday gift to attend. What is the implicit cost of this decision?
75$
What are the official languages in the Country of Switzerland (Name 3/4)
Romanish, French, German, Italian
Benefit or cost of production that affects people outside the transaction.
Positive Externality
A product with large amount of substitute goods and does not have an essential need to most consumer groups describes what type of good.
Elastic
Interest that accrues to principal + prior interest.
Compounding Interest
A straight-line PPC represents this type of opportunity cost
Constant/Proportional Opportunity Costs
A river used to generate hydroelectric power represents this specific type of factor of production.
What is land (natural resources)
Tangible and Intangible describe this economic term that is necessary in voluntary exchanges within an economy.
Products (Goods & Services)
As you consume more of anything, the additional satisfaction that you receive will eventually start to decrease.
Law of Diminishing Marginal Utility
Name three Pokemon that have two mega-evolutions.
Raichu, Charizard, Mew-Two
Give an example of Nationalization and an Example of Privatization in a Mixed-Market Economy.
Answers will vary.
A company that controls the supply chain of insulin and bought out the all of its competitors to deflate the supply of the good is exploiting what type of demand.
Inelastic
When does the 2026/2027 school year FAFSA Application open?
October 1st
This PPC demonstrates this economic principle, where producing more of one good leads to larger sacrifices of another.
Curved/Outward PPC, Law of Increasing Opportunity Cost
This capital investment such as certification training can help a firm optimize resources to send a PPC outwards towards a previous unattainable point.
Human Capital