#Basics
Decisions, Decisons
The First Model You Ever Met
Economic Systems
Fun!
100
Limited resources but unlimited wants & needs
What is Scarcity?
100
Everything we given up when we make a decision
What is tradeoffs?
100
This model is called...
What is the Production Possibility Curve(Graph)
100
Economic System of the United States
What is Marker (capitalism/free enterprise)?
100
Known for leading the nonviolent civil rights movement in the United States during the 1950s and 1960s
Who is Martin Luther King Jr.?
200
Factors of Production
What is land, labor, capital, and entrepreneurship?
200
The most valuable thing given up
What is opportunity cost?
200
What do we call point A on the model?
What is inefficient (underutilized/waster)
200
Government has complete control over prices and the factors of production
What is Command (communisms)?
200
The force that pulls objects toward the center of the Earth
What is gravity?
300
Last longer than 3 years ..
An example would be..
What is a durable good?
What is ...(student example)
300
Thea wants to watch a movie. She has some choices, she can go see either 5 Nights at Freddy's, Anyone But You, Wonka, or Argyle . Thea decides to watch 5 Nights at Freddy's. Her tradeoffs would be...
What is Anyone but you, Wonka, and Argyle?
300
The three things needed to produce at point D
What is new tech or resources and/or trade
300
A country where we can find 100 different brands of chips/snack foods)
What is capitalism (market/free enterprise)
300
The country that has achieved the most FIFA World Cup wins
What is Brazil?
400
If there is utility and scarcity something has...
What is value?
400
Oliver can either go to the park with his friends to skateboard or go to the library and study with his girlfriend. He decides to go to the park with his friends.
Oliver's opportunity cost is....
What is going to the library to study with his girlfriend?
400
If this country produces 70 capital goods and 40 consumer goods, they would be considered...
What is efficient?
400
In Remi's country it is expected that as soon as he becomes an adult he will join his father's doctor's practice.
What is traditional?
400
Food additive that consists of the skin and bones of animals
What is gelatin?
500
The study of people and their choices.
What is Economics?
500
Remi has two choices: He can either work for an hour and potentially earn $20 OR he can go party for an hour and spend $10.
Remi decides to go party for an hour. Their opportunity cost is....
What is the $30 potential dollars if they decided to go work?
500
The Production Possibilities Curve (graph) show us
Hint 2 things:
What is opportunity cost and efficiency?
500
This type of systems includes the country's of France, Mexico, Italy, Egypt, Morocco, Japan, and several others.
What is mixed economy?
500
This was the first feature-length animated movie ever released
What is Snow White and the 7 Dwarves?