It is a social science that takes a look at the decisions that people make when deciding to buy something or save their money.
100
What are the factors of production?
Labor, materials, and capital.
100
Why would you compare prices?
So that you can get the best value for your money.
100
Identify the supply and demand sides in baseball.
Supply side: teams, the owners
Demand side: fans
100
What are the different kinds of markets?
Local/regional, national, and international.
200
What is the law of scarcity?
When an entity is faced with limited resources they must choose what they will produce with the limited resources.
200
What are types of economies?
Market, command, and mixed.
200
If your phone service costs 5 cents per call and you make 318 calls, how much do you owe?
$15.90
200
You are at a baseball game and you have finished one hot dog. You are now thinking about getting a second. But you decide that you will not get as much sastifaciton from the second hot dog and do not get it. What is this called?
Diminishing marginal utility.
200
What is the difference between real wages and nominal wages?
Nominal wages- the money you earn in every paycheck
Real wages- the quantity of goods and services you can buy with your paycheck
300
What is microeconomics?
It studies the economic behavior of private households and companies.
300
What are factors that affect overall demand?
Number of consumers in the market, the change in price of a substitute product, and a change in per capita consumer income.
300
Which is a better deal: 6 pens for $2 or 10 pens for $2.50
10 pens for $2.50
300
Who are the "night out people"?
They are people that go to a sports event not for the sports experience but just to get out and have fun.
300
Who is the father of economics?
Adam Smith
400
What is utility?
The amount of pleasure or use we get out of a good or service.
400
When does equilibrium happen?
When supply and demand intersect.
400
If 100 slices of cheese cost $7 how much would 25 slices of cheese cost?
$2.80
400
What are four reasons people chose to spend thier freetime at a baseball game?
The Industrial Revolution changed the way people work and play.
It was an outlet for the rapid change that was going on.
It created an American identity.
It was fun.
400
Give two examples of a good and two examples of services.
Good: iPod, book, crayons
Services: going to Applebee's, getting your haircut, and going to the doctor
500
What is a monolopy?
This is when there is only one seller in the market. They have control over pricing and it is difficult to enter the market.
500
Describe mass production.
It is when you can produce a large amount of product.
500
When looking at prices what is the correct order?
Make sure the items are comparable
Compare the cost per unit prices
Find the cost per unit
Make sure the items are comparable
Find the cost per unit
Compare the cost per unit prices
500
Identify two things that have impacted the marketing of pro sports in the 20th century.
Air travel
TV
Highway development
Air conditioning improved living conditions
500
Explain inputs and outputs.
Inputs are what goes into producing a good and/or service and output is the end good or service.