Scarcity
What is the difference between a want and a need?
A need is something you have to have for survival. A want is something you would like to have but can live without.
We can hire more workers until what happens?
Marginal cost outweighs marginal benefit.
What economic system is the United States?
Mixed market
Why do employers choose to provide their workers with healthcare benefits?
Workers will be healthier and therefore more productive?
How much money has Taylor Swift made on her Eras Tour?
$4.1 billion
How long are durable goods supposed to last?
3 or more years
What is marginal cost?
The cost of producing one more unit of that good.
In a pure market economy, who or what owns the factors of production?
Private enterprise
GDP per capita is generally used to analyze a country's what?
Standard of living
Which NFL team famously went undefeated in the 2007 season, but lost to the New York Giants in the Super Bowl?
New England Patriots
Capital goods are bought by who?
Businesses
In a production possibilities curve, any point outside the curve is considered what?
Impossible with given resources.
In a traditional economy, what dictates economic roles?
Family/tradition
What is gross domestic product?
The value of all final goods produced in a given country in a given year.
The Painted Ladies are a group of colorful Victorian-style homes in which American city?
San Francisco
What is opportunity cost?
The next best alternative when making a choice; the choice you lost out on.
How would a constant marginal opportunity cost appear on a PPC curve?
As a straight line
In a command economy, who owns the factors of production?
Government
Productivity is the study between what?
Inputs and outputs
What modern day item made a cameo in the last season of HBO's Game of Thrones?
A Starbucks cup
What is scarcity?
What is meant by the margin?
One more
What is the purpose of government regulation?
To protect consumers and workers
What is the value of a worker's education and training?
Human capital
Who are the 4 teams left in the MLB Playoffs?
Philadelphia Phillies, Houston Astros, Arizona Diamondbacks, Texas Rangers