Basics
WHAT IS THE MAIN ECONOMIC PROBLEM?
SCARCITY
WHAT ARE THE 4 FACTORS OF PRODUCTION?
LAND, LABOR, CAPITAL, ENTREPRENEURSHIP
WHAT IS THE TERM FOR WHAT WE GIVE UP WHEN WE MAKE A CHOICE?
OPPORTUNITY COST
WHAT IS THE NAME OF THE LINE ON THE PRODUCTION POSSIBILITIES CURVE?
THE FRONTIER
WHAT ARE THE FOUR ECONOMIC SYSTEMS?
TRADITIONAL, COMMAND, MARKET, MIXED
WHAT IS LIMITED IN ECONOMICS?
RESOURCES
TRACTORS, COMPUTERS, & HAMMERS ARE EXAMPLES OF....
CAPITAL
WHAT IS THE POSSIBILITY OF SOMETHING BAD HAPPENING?
RISK
POINTS *UNDERNEATH* THE CURVE ARE...
POSSIBLE BUT INEFFICIENT
WHICH ECONOMIC SYSTEM DISCOURAGES CHANGE?
WHAT IS UNLIMITED IN ECONOMICS?
NEEDS AND WANTS
MINERALS, SOIL, & COWS ARE EXAMPLES OF...
LAND
WHAT IS WHAT IS GAINED WHEN A DECISION IS MADE?
OPPORTUNITY BENEFIT
POINTS *ON* THE CURVE ARE...
POSSIBLE AND EFFICIENT
WHICH ECONOMIC SYSTEMS HAS A CENTRAL AUTHORITY THAT MAKES ALL THE DECISIONS?
COMMAND
WHAT DOES ECONOMICS STUDY?
CHOICES
FACTORY WORKERS, COOKS, & FARM WORKERS ARE ALL EXAMPLES OF...
LABOR
WHAT IS THE NAME OF THE GRAPH THAT SHOWS OPPORTUNITY COST?
PRODUCTION POSSIBILITIES CURVE
POINTS *ABOVE* THE CURVE ARE...
IMPOSSIBLE
WHICH ECONOMIC SYSTEM DOES NOT PROVIDE FOR EVERYONE?
MARKET
WHAT DOES SCARCITY LIMIT?
OUR CHOICES
JEFF BEZOS, STEVE JOBS & HENRY FORD ARE ALL EXAMPLES OF...
ENTREPRENEURS
THE MORE YOU MAKE OF SOMETHING....
THE MORE IT COSTS
WHAT IS IT CALLED WHEN THE CURVE SHIFTS OUTWARD?
ECONOMIC GROWTH
WHICH ECONOMIC SYSTEM COMBINES CHARACTERISTICS FROM THE OTHER DIFFERENT SYSTEMS?
MIXED