People
Considered to be the "Father of Economics" who is the author of the famous economic book that we have referenced and read in class?
*BONUS 200 points OR 1 Extra Shot if you can tell me the title of the book*
Answer = Adam Smith
BONUS = "The Wealth of Nations"
The main problem of scarcity is meeting unlimited _____________ with limited ______________.
*If you get this right you have to swap one player on your team with someone else team member!*
______ __________ was necessary to control foreign markets.
Less need to use the transportation of other nations to carry your trade goods.
Sea Power
A nation can gain in international trade only at the expense of other nations.
*Bonus 100 Points if you get this right and make your shot!*
Zero-Sum Game
Individuals seeking success are driven by self-interest. This is known as __________ ____________.
*If answered correctly, you can steal 100 points from another team for your own team.*
Profit Motive
Who is this? (1619-1683)
Architect of French mercantilism.
Was a bullionist.
Opposed taxes on internal trade.
Supported mandatory labor on national roads.
Jean Baptiste Colbert
A real limit in economics is the scarcity of productive resources also known as what?
F__________ of P___________
*2 Extra Shots if answered correctly*
Factors of production
Decisions that are made incrementally – costs and benefits are weighed at each step
•Examples
–How clean is clean enough?
–How long should a student study?
–How many tractors and cars should be produced?
*If guessed correctly you can pick the next shooter for each team OR you can pick one person from each team who can't help answer any questions on their next turn/steal.*
Marginal Decision Making
The economic health of a nation that could be measured by the amount of precious metal [gold or silver] which it possessed.
Bullionism
Goods and services are produced for ____________.
Profitable Exchange (Money)
According to one of the famous economist we discussed in class, there are four professions of importance to the nation. What are 2 of them?
*If you can name all 4 you can get either an extra shot or take 100 points from another team for your team.*
Agriculture
Trade
Army
Navy
When making decisions with scarcity, the value of the next best alternative when a decision is made is known as what?_____________ _______________
*You may take 100 points from any 1 team you choose if answered correctly*
Opportunity Cost
What are 1 of the 3 economic classes listed out by the famous Physiocrat we learned about?
*Name 2 of the 3 and you can pick one team to get skipped for their next turn.*
“Proprietary class” 🡪 landowners.
“Productive class” 🡪 agricultural laborers.
“Sterile class” 🡪 artisans & merchants.
What is one reason a thriving agriculture should be carefully encouraged?
*If you get this right, the other teams have to shoot their next shot with their non dominate hand.*
Less of need to import foods.
Prosperous farmers could provide a base for taxation.
In regard to capitalism ___________ is the source of value.
*If you get this right the next team has to throw their ball backwards on their turn/steal.*
LABOR
Fill in the quote:
"Economics is a study of __________ in the ordinary ______________of life.”
-Alfred Marshall
mankind; business
A graphical model that represents all of the different combinations of two goods that can be produced.
Production Possibility Curve
Name 1 of the 4 sources of production in economics.
If you can name 3 you can swap 1 person from another team. If you can name all 4 you can swap or you can take 500 points from another team.
Land, Capital, Labor, Entrepreneurship
List any 2 of the 10 characteristics of mercantilism discussed in class. (You will need to be familiar with them all for the quiz)
*Name 5 of them and you can steal one player from any other team if you make your shot.*
1. Export more than you import [a trade surplus].
2. Each nation must try to achieve economic
self-sufficiency.
3. Thriving agriculture should be carefully encouraged.
4. A strong navy and army was necessary to control foreign markets.
5. Impose internal taxes of all kinds.
6. Colonies would provide captive markets for manufactured goods & sources of raw materials.
7. Trade is a “zero-sum” game.
8. A large population was needed to provide a domestic labor force to people the colonies.
9. Luxury items should be avoided
10. State action was needed to regulate and enforce all of these economic policies.
What law of economics is this describing in regard to capitalism?
- Individuals who are free to pursue their
self-interest will produce goods and services that others want, at prices others will be willing to pay.
The Law of Supply & Demand
Who is this?
No single document or book summarizes his economic system.
He was concerned about the state of the French economy, especially of French agriculture.
Published the famous work "Tableau Économique"
Francois Quesnay
Involves a personal sacrifice that must be made to get a certain product or experience that is desired.
(a giving up of one thing in return for another)
*One extra shot if you guess correctly*
Trade-Offs
Tell us 1 of the 3 basic economics questions when considering addressing business & scarcity.
Tell us all 3 and you can steal one player to have on your team.
1. What to produce?
What should be made using available resources.
2. How to produce?
What combination of resources should be used.
3. Who will consume?
How will production be allocated?
Who Benefited Most From Mercantilism? (4 groups of people total) Tell me one
Monarchs.
Merchant capitalists.
Joint-stock companies.
Government officials (Politicians)
What is this describing?
Problem 🡪 How do we survive in a world where we must depend on many others, but where humans are by nature self-interested individuals?
Solution 🡪 the free market, while appearing chaotic and unrestrained, is actually guided to produce the right amount and variety of goods
Therefore, the basic market mechanism is self-regulating!
The Invisible Hand of Economics