Basic Concepts
Productive Resources
Production Possibilities
Marginal Analysis
Miscellaneous
100
The fundamental problem of unlimited wants and limited resources that exists in all societies.
This is why decisions have to be made.
What is SCARCITY?
100
Natural resources used in production (water, trees, oil). One of the Factors of Production.
What is LAND?
100
A point on the Production Possibilities Frontier which shows inefficiency of resources.
What is inside the curve?
100
Challenge Double +200 pts. goes to the winner!
The next unit added to a company. One word answer.
What is Marginal?
100
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Opportunity Cost is shown where on the PPF?
What is the Curve?
200
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The next best alternative which is sacrificed when a decision is made.
What is OPPORTUNITY COST?
200
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Human effort used to produce goods and services. One of the Factors of Production.
What is LABOR?
200
True or False: A Production Possibilities Curve is meant to show the possible outcomes of allocating of resources to manufacture several products at the same time.
What is true?
200
MB is less than MC. Should you decide to add the additional unit?
What is No?
200
If your company is producing inside the PPF. Your company is being ________________ . One word.
What is inefficient?
300
The study of how individuals, firms, and governments make decisions on how to allocate their limited resources to satisfy our unlimited wants.
What is Economics?
300
Another name for Factors of Production.
What is Productive Resources?
300
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A point outside of the Production Possibilities Curve.
What is currently unattainable?
300
Name the formula to follow to make a rational decision using Marginal Analysis?
What is MB>MC?
300
What you have to pay your workers or pay for the machinery or tools used to produce things? One word.
What are Costs?
400
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Money, people's labor, time, information, machines, and raw materials. One word.
What are Resources?
400
The building that is used to carry out your companies purpose.
What is CAPITAL?
400
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The direction a Production Possibilities Frontier would shift if an Entrepreneur invested in more worker training and better equipment.
What is RIGHT or OUTWARD?
400
What is the opportunity cost of going from C to D?
What is 3 manufactured goods?
400
Challenge Double +800 pts goes to the winner!
The different points on the PPF curve illustrate what? Two words
What are opportunity costs?
500
Products which are purchased by companies in order to produce other products. An example of a factor of production.
What is Capital or Capital Goods?
500
Productive resource that organizes the others, risk-taker, and innovator
What is ENTREPRENEURSHIP?
500
Making rational economic decisions where the costs and benefits of incremental change are evaluated.
What is Marginal Analysis?
500
It's an important example of a marginal analysis tool companies use to look at combinations of products and determine efficiency?
What is PPF or Production Possibilities Curve?
500
Get Points and Take -600 from 1 other team.
A company makes Chips and Pretzels. Chips are on the Y axis. Pretzels are on the X axis. Pretzels have decreased in demand. The company should now produce at a combination point where on the curve from before?
What is move up the curve?