Scarcity
Fill In The Blanks: Economics is how people choose to use ____________ resources to satisfy their needs and needs and wants.
Scarce
How do you spell my name?
Ayala
What is the name of the stock simulator that we use in class?
Investopedia
What is my class number?
613
Give me an example of a service
Barber cutting hair
What is economics referred to as?
Dismal Science
What are the two types of capital?
Physical and Human Capital
Who pulls the factors of production resources together?
Entrepreneurs
Fill In The Blank: ____________ alternative choices we give up whenever we choose one course of action over another.
Trade-offs
What does each point on the curve represent?
Trade-offs
What will make the production curve move to the right?
Changes in technology and resources
Cost does _____ __________money in economics
not; equal
What is the opportunity cost of moving from one point on the PPC to another?
The amount of one good sacrificed to produce more of another good
A shift of the PPC to the left most likely represents:
A decrease in resource availability
What does it mean to think at the margin?
It involves thinking about using one additional unit.
What is a non-rival or non-rivalrous good?
Goods that are consumed by people but whose supply isn't affected by people's consumption.
What are excludable goods?
Producers, suppliers have been able to restrict consumption to only paying consumers.
What are non-excludable goods?
Goods that are consumed by people but whose supply is not affect by people's consumption.
What is the difference between goods and services? Provide an example for each.
Goods = Physical Items
Service = Actions someone performs for someone else
What are the four types of cost?
Fixed, Variable, Total and Marginal
What are the four factors of production?
Land, Labor, Capital, and Entrepreneurship
What is the difference between scarcity and shortage?
Shortage is when producers will not or cannot offer goods or services at the current price. Scarcity always exists because of our needs and wants.
What is the Production Possibilities Frontier Curve?
A graph that shows the maximum amount of goods and services that a country can produce.
What are the four types of goods?
Common Resource Goods, Club Goods, Private Goods, Public Goods
What are the two forms of economics and explain how they are different
Micro and Macro: Micro is at a household level, while Macro is at a country/ corporation level