Economic Principles
The principle that relates to weighing pros and cons of a decision
(2x points for a correctly written shorthand equation to illustrate this principle)
What is the Cost-Benefit Principle
B>C=D
or
C>B≠D
In a correctly drawn graph, depict the change in a PPF curve for chop sticks and popsicle sticks if a wide spread forrest fires burns large amounts of harvestable forrest.
What is the straight curve would shift to the left (decrease)
The factor of production is related to natural resources
What is Land
The situation created from having unlimited wants with limited resources
What is Scarcity
The principle that relates to your next best option after making a decision.
What is Opportunity Cost Principle
In a correctly drawn graph, depict the change in a PPF curve for couches and steel beams if workers decide to quit their jobs.
What is the bowed curve would shift to the left (decrease)
The factor of production that relations to the human made tools that help produce goods and products
What is Capital
The study of human behavior under the influence of scarcity
What is Economics
The principle that relates to making decisions one at a time to maximize total utility from the decision you make.
What is the Marginal Principle
In a correctly drawn graph, depict the change in a PPF curve for wooden shelves and wooden cabinets if there is an increase in carpentry workers.
What is the straight curve would shift to the right (increase)
The factor of production that relates to the worker that makes the good or product
What is Labor
Factors that influence a person’s behavior
(2x points if the team can give me an example of both kinds of factors)
What are Incentives
The principle that states that the decisions you can make are often impacted by decisions that are made by people around you.
What is Interdependence Principle
In a correctly drawn graph, depict the change in a PPF curve for tennis nets and pickleball nets if the material to make the net becomes more abundant.
What is the straight curve would shift to the right (increase)
The term used for the level of training or education that a laborer has to in producing the good/product
What is Human Capital
The two major economic systems that provide the ends of our economic system spectrum
What is Command Economy and Free Market economy
The idea that the more you make of one decision, the less utility you get from the outcome of that decicion
What is Diminishing Marginal Utility
In a correctly drawn graph, depict the change in a PPF curve for pizza and flags when producers start implementing the assembly line
What is the bowed curve would shift to the right (increase)
Information about, methods of, and techniques revolving around producing goods efficiently
What is Technology
The two fields of economics that involving analyzing individual market decisions as well as broad economy market decisions.
What is Microeconomics (individual) and Macroeconomics (broad economy)