Econ Mixtape
the forgone choice when you make a decision
The law of increasing opportunity costs states that as more of ONE good is produced....
What is...the opportunity cost (choice given up) increases.
The three economic questions
What are...What, how, and for whom to produce?
In a restaurant, chefs cook, waiters take orders, bus boys clean tables, hostesses seat customers. This is an example of
What is specialization?
In a centrally planned economic system, Government's job is to
What is...make all economic decisions.
The most essential economic problem
What is scarcity?
What are...new technology, better or new resources, better or labor, increased productivity?
What is...(answers vary!)
Goods and services are exchanged between households and firms on the _______________
What is product market?
Government controlled water/utilities services is an example of a _________ good
What is public?
These are the "factors" that all products have in common
What are Land, Labor, Capital, Entrepreneurship?
Underutilization of resources would lead to a point
One disadvantage of a market economy
What is (answers vary)
What is "wages for labor"? (or something similar)
In terms of households, what is exchanged with the government (on the circular flow diagram)
What are..taxes for public goods/services?
Entrepreneurs take risks. Name 3 reasons why
What are...profit motives? improving society? providing jobs? innovation? others?
A point outside the PPC would be considered
What is unnattainable?
A government protecting citizens from a famine by devoting more resources to crop growing is an example of which economic social goal?
What is Economic Security?
Beth, a chef, decides to take an online course on nutritional values of vegetables. This is an example of which factor of production?
On the product market, what is exchanged with the government?
What is...government spending for goods and services?
For trade to mutually beneficial, it must be these two things:
On an island nation, a devastating hurricane would cause the PPC to
What is shift inward?
Centrally planned economies tend to focus on which economic social goal before all others
What is economic equity?
Machinery , tools, and equipment are examples of which type of economic resource
The primary of function of a government in a market economy is to
What is ...make laws/rules, protect private property,