Vocabulary
opportunity cost
Economy Types / 3 Questions
Incentives and Penalties
Miscellaneous
100
in short supply, possible not getting replenished. One of the most important words in Economics?
Scarcity.
100
Dr. Blue has to choose between a job at Denver Medical Hospital or Baltimore Medical Hospital. Denver medical offers a salary of $250,000 per year, 30 days paid vacation, full medical benefits. Baltimore offers $225,000 salary per year, 15 days paid vacation, 1/2 medical benefits.
Dr. Blue decides on Baltimore, what is his Opportunity Cost?
$25,000 Pay
15 days paid vacation
1/2 medical benefits.
100
A country has decided to make Apple Phones at a low cost for the year of 2025. What question is being answered?
What
How
Whom
What
100
A positive incentive the government gives people for buying homes.
tax credit
100
1. Identify the problem
2. __________________
3. List alternative
4. Analyze Alternative
5. make a decision.
what is missing
Develop criteria that is important to you.
200
Making a logical decision based on facts?
rational
200
Dr. Blue has to choose between a job at Denver Medical Hospital or Baltimore Medical Hospital. Denver medical offers a salary of $250,000 per year, 30 days paid vacation, full medical benefits. Baltimore offers $225,000 salary per year, 15 days paid vacation, 1/2 medical benefits.
Dr. Blue decides on Denver, what is his Opportunity Cost?
Nothing
200
Which type of economic system?
Customs and Values, products are created based on what generations before them needed and how it was made.
Traditional Economy
200
In order to discourage people from buying harmful products, like Vape, Cigarettes, Alcohol the government may add what to the price?
A tax
200
Do 10 push ups every hour, get strong, do 20 push ups each hour...get stronger, do 30 push ups every hour...get massive.
What concept is this?
Marginal Benefit
300
The term given to what benefit your lost in making a decision.
Opportunity Cost.
300
Jared decides to go to College after high school and not work at all. What is his opportunity cost?
a. Tuition costs
b. money earned at a job.
c. College degree
d. Living in the dorms
b. money earned from a job.
300
Every family that makes less than $25,000 a year will receive a free bag of food.
Which question is being answered?
For Whom
300
A positive incentive that governments may receive from banks if they use money to build important community goods or servies.
Low Interest Loans
300
Most common price strategy?
Price
400
Capital, Entrepreneur, Labor and Land
Factors of Production
400
Billy Bob has to make a decision, work at Wild Wing Cafe or Wild Wings. WWC offers $225.00 a month in pay, Free food, No medical benefits and 7 days vacatoin a year. WW offers $235.00 a month in pay, No free food, full medical benefits and 0 days vacation.
Billy Bob chooses Wild Wing Cafe, what is his opportunity cost?
1. $10.00 a month
2. full medical
400
This type of government determines what, how and for whom by pure government control. What type of economic system is this?
Command Economy
400
A positive incentive that the government will give businesses to grow or make something that is helpful to socitiey.
Subsidy
400
If you have 10 Chick-Fil-A sandwiches to hand out.....what is the best way to hand them out, without getting emotionally involved.
Lottery
1st come, 1st serve.
500
Money the government gives to business to produce an important and safe good and service.
Subsidy
500
Billy Bob has to make a decision, work at Wild Wing Cafe or Wild Wings. WWC offers $225.00 a month in pay, Free food, No medical benefits and 7 days vacatoin a year. WW offers $235.00 a month in pay, No free food, full medical benefits and 0 days vacation.
Billy Bob chooses WWs, what is his opportunity cost?
1. free food
2. 7 days vacation.
500
This type of economic system based what to make based on what they think consumers will buy. Also the key purpose of these types of economies are making a profit.
Market Economy
500
A negative incentive that the government puts on people are called what? If you break them you may go to jail or pay a fine.
Laws
500
USE CELL to analyze this photo?
C - Building / Chairs
E - Owner of Sbucks
L - Land - Coffee beans, flour, water
L - Labor - Workers that work there.