Supply and Demand
Economics: The Basics
Anything Goes
Factors of Production
Death Penalty
100
The place where supply and demand meet
What is equilibrium price?
100
The study of how to satisfy "unlimited wants with limited means/resources"
What is economics?
100
The value of the second best choice that was given up when you made a decision.
What is Opportunity Cost?
100
The way that a country or culture produces and distributes goods and services.
What is an economic system?
100
32 states. (topic- death penalty)
How many states currently use the death penalty?
200
The higher the price of a good, the less people will demand that good.
What is the Law of Demand?
200
Coupons, discounts, and freebies
What are examples of positive incentives?
200
The opportunity cost was a loss of sleep. (Hint: What was a possible decision that lead to this opportunity cost?)
What is (ex. go to class first period, stay up all night texting,finishing an assignment)?
200
Individuals not the government control the production and distribution of goods.
What is a market system?
200
He and his friend murdered two senior citizens in their home in an attempted robbery at age 13.
Who is Ronald Sanford?
300
The higher the price of the item, the more a business will supply it.
What is the law of supply?
300
A resource that humans would like in order to aid in COMFORT and PLEASURE
What is a want?
300
Tickets, fines, fees
What are some examples of negative incentives?
300
The owner, visionary, and brain-power of a business.
What is an entrepreneur?
300
A Supreme Court Case that reinstated the use of the death penalty in America.
What is Gregg V. Georgia?
400
Diamonds are in short supply.
Why are diamonds so expensive?
400
Why are sodas, snacks, and candy so expensive in a movie theater?
Because there is no other competition for food in the movie theater.
400
Apple lowered its Iphone 5 price
What is the result of the creation of the new Iphone 6?
400
a factor of production that increases the efficiency of potato production
What is "capital?"
400
A psychological illness that effected corrections officers who work on death row.
What is PTSD?
500
What is a possible effect of an oversupply of oil, on fuel prices?
The price of fuel will decrease.
500
There aren't enough resources to satisfy our unlimited wants and needs.
What is scarcity?
500
Why are flowers and chocolates so expensive this time of year?
Because of Valentines Day, the demand increases, therefore society is willing to pay extra.
500
Who is one economists who has contributed to the study of economics?
Varied....
500
A family who refused to allow their son's killer to be sentenced to death.
Who are Matthew Shepard's parents?
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