Scarcity
definition
When there are not enough resources to meet the wants or needs
x2
defintion
desire to buy a good or service and the ability to pay for it
give 100 points
definition
willingness and ability of producers to offer goods and services for sale
x2
Goal of Traditional Economy?
Survival
take 100 points
How tall is Mr. Eikel?
5'10
x2
explain good vs service with examples
physical objects that can be purchased vs work someone completes
take 200 points
law of demand
desire to buy at lowest price
x2
law of supply
producers are willing to sell more of a good or service at a higher rate than at a lower rate
give 200 points
Goal of Command Economy?
Provide need
x2
What is Mr. Eikel's favorite animal?
a bear
take 200 points
shortage definition
Man-made lack of product/service
x2
Law of Diminishing Marginal Utility
The marginal benefit from using each additional good or service during a given time period tends to decline with each use
x2
Law of Diminishing Returns
When output grows but at a decreasing rate to the point where it will eventually become negative
x2
Goal of Market Economy?
Profit/self-interest
x2
How old is Mr. Eikel?
34
x2
surplus definition
an amount of something left over when requirements have been met; an excess of production or supply over demand.
take 400
Elasticity of Demand
How responsive consumers are to price changes in the marketplace
give 400
Identify 4/6 factors of supply
competition, input, technology, government, labor, producer expectations
x2
Identify who makes decisions in market and command economies
Market = consumer
Command = Government/producer
give 400
What is Mr. Eikel's favorite movie genre?
Action
take 400
Four Factors of Production
land, labor, capital, entrepreneurship
for an additional 500 you must...
do an impression of Mr. Eikel that makes him laugh
Identify 4/6 factors of demand
income, market, consumer preferences, consumer expectations, substitutes, compliments
for an additional 500 you must...
sink a corn hole shot in 3 attempts of less
what is my daughter's name?
Adeline Jeanne
for an additional 500 you must...
effectively treat the head wound of JFK in 60 sec
Father of Capitalism and Father of Communism
Capitalism = Adam Smith
Communism = Karl Marx
for an additional 500 you must...
correctly navigate the pepsi-coke challenge
When did Mr. Eikel begin to lose his hair?
October 2008, age 20
for an additional 500 you must...
say the ABCs backwards standing on one foot and having a finger on your nose.