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Random
100
Economics deals primarily with the concept of what?
Scarcity
100
What it is the vocabulary word for GIVING UP something to do or get something else
Opportunity Cost
100
What is the vocab word for GAINING something from doing or getting something?
Opportunity Benefit
100
Scarcity exists when there is ________ of a good or resource available than people wish to have.
LESS
100
What was the first US State
Delaware
200
Mykael decides to spend the last two hours of the night gaming before his economics exam instead of sleeping, for Mykael, his tradeoff would be what?
He gave up two hours of sleep
200
Damarray spends an hour studying instead of playing football. The opportunity cost to him of studying is what?
The enjoyment and exercise he would have received had he played football.
200
People make decisions at the margin by what?
Comparing costs and benefits
200
The concept that when more and more units of a variable resource such as labor are added to a fixed resource such as capital, eventually the additional (marginal) output associated with the variable resource DECLINES.
DIMINISHING MARGINAL RETURNS
200
Where were French Fries developed?
Belgium
300
The concept was displayed that states in a given time period, consumers generally receive less satisfaction from additional (marginal) units of a good consumed.
Diminishing marginal Utility!
300
What is the the Production Possibility graph depicting?
ECONOMIC GROWTH!
300
In the Production Possibilities graph, what could cause production to move from point D to point A?
Factories not being used to full capacity.
300
A MARKET ECONOMY differs from a COMMUNIST ECONOMY in that economic decisions are made in the MARKET ECONOMY by ...
Millions of firms and households (THE PEOPLE)
300
What is the smelliest fruit?
Durian
400
In this type of economy, customs and stability are valued, therefore people decide what to produce and what careers to pursue.
Market Economy
400
Most economies in the world today are this type, meaning some decisions are made by individuals and businesses and some are made by the government.
Mixed Economy
400
Which of these would be the best example of a pure market economy transaction?
A) Lee babysits his neighbor's daughter. The neighbor pays Lee $20.
B) Stacy buys ground beef at Publix Grocery Store.
C) Jabnel is assigned a job as a chemical engineer by the government.
D) Cesar sells his vintage album collection on Ebay.
B
400
What type of economy is this?
Pros: Full employment by the government because they choose your job, everyone's basic needs are met, free health care.
Cons: Consumers wants are not fully met, less control over your own life, no room for individuality.
COMMAND ECONOMY 
400
Hg is what element?
Mercury
500
What economy is represented below?
Pros: Able to adjust to change gradually, lack of government interference, large variety of goods.
Cons: Rewards only productive resources, does not provide for people too young or too old to work, workers and businesses face uncertainty as a result of competition, healthcare is not free, and the rich most likely prosper and the poor get poorer.
Market Economy 
500
A company's office buildings are an example of what?
Land, Labor, Capital, or Entrepreneurship
Capital as a Factor of Production
Capital, or capital goods, as a factor of production, refers to the money that is used to purchase items that are used to produce goods and services. For example, a company that purchases a factory to produce goods or a truck that is purchased to do construction are considered to be capital goods.
500
Entrepreneurship refers to the ability to what?
Take the initiative to start new businesses, introduce new products and processes, and improve techniques.
500
What factor of production does this image illustrate? Land, Labor, Capital, or Entrepreneurship?
CAPITAL
500
What country invented the number 0?
India, The concept of zero as a written digit in the decimal place value notation was developed in India, presumably as early as during the Gupta period (c. 5th century), with the oldest unambiguous evidence dating to the 7th century.
600
What factor of production does this image illustrate?
LAND
600
What does the diagram depict?
Trade-offs, PPC, Circular flow of economic activity, or a command market?
CIRCULAR flow of economic activity
600
In a Circular Flow of Activity, where do households sell their labor?
Factor Market
600
What is the role of government in the circular flow of economic activity?
TAXES
600
"You miss 100% of the shots you don't take"
Wayne Gretsky
700
You need unlimited wants and _________________ to have scarcity.
Limited Resources
700
According to the graph, could this country produce 80 robots and 45 corn?
NO
700
Efficiency means that...
Society is getting the most it can from its scarce resources.
700
How many languages are written from RIGHT to LEFT?
12
700
What were the two cities that the United States dropped the two atomic bombs on?
Hiroshima and Nagasaki