What is Econ?
What room does economics take place in?
293/295
What does "laissez faire" translate to?
Hands off
Factors of Production are used to make...
goods/services
What does PPC stand for?
Production Possibilities Cureve
What room number is the Social Studies office?
284
Economics is the study of...
Making choices
Who is the founder of Capitalism/Free Market Economy
Adam Smith
What are the four Factors of Production?
Land, Labor, Capital, Entrepreneurship
What is Opportunity Cost?
The benefits you are giving up when you choose one thing over another
How many periods do I teach every day?
5
True or false: economics only applies to financial situations
False
Who is the founder of Communism/Command Economy?
Karl Marx
True or false: to be considered "Labor", you must be living
False
What does the PPC show?
Opportunity cost of producing two different things
How many soccer teams play in the Chinese Super League?
16
What is the scarcity problem?
How do we satisfy our unlimited wants with our limited resources
Who is the founder of Socialist/Mixed Economy?
John Maynard Keynes
Money is an example of...
Capital
Give an example of a reason a company would produce below the PPC
Insufficient factors of production ie. workers on strike, machines broken, etc.
What is the distance between New York City and Buffalo?
372 miles
Most economists disagree over...
How, and who, should make our economic decisions
What is the name of the famous book Adam Smith wrote?
Wealth of Nations
Why is entrepreneurship an important factor of production?
It organizes the other three
How would a company hope to produce at a point beyond the PPC?
Increase their factors of production ie new technology, more investment, etc.
I'm thinking of a number between 1 and 99, what is it?
77