Basics
This term describes items like food, water, shelter and clothing.
What are needs?
This is the type of system where decisions are made quickly by the government.
What is a Command Economy?
These are the 4 factors of production.
What are land/natural resources, labor, capital and entrepreneurship?
Name one of the 3 causes for a shift in demand that don't have to do with a chance in price.
What are consumer tastes, consumer income, and substitutes?
This is a good working definition for equilibrium.
What is a price that ensures no shortage or surplus?
This is the name of the place we are going to do community service.
What is Second Harvest?
What is economics?
This is one of the disadvantages of a traditional economy.
What is that it isn't good for a large economy, that it doesn't have a lot of innovation, that it doesn't allow for change, etc.?
These are the two types of markets in the circular flow of economics.
What are product and factor markets?
This states that the quantity demanded for a product will increase if price decreases, and vice versa if price increases.
What is the Law of Demand?
When a shortage happens, this is the relationship between supply and demand.
What is that there is a greater demand than their is supply at a given price or something like that?
These are the 2 teams in the Superbowl this year.
Who are the Chiefs and the Eagles?
This is a working definition for scarcity.
What is there are fewer goods available than people who want them or something like that?
The US economy has components of the following economic system(s).
What are all of them (command, market and traditional)?
This is an example of capital when the final product is a tshirt.
What is a sewing machine, sewing needle, etc.?
What is increases?
This is what minimum wage is an example of.
What is a price floor?
This person may get an EGOT, meaning an Emmy, Grammy, Oscar and Tony, after being nominated for an Oscar for playing Elphaba in the movie "Wicked."
Who is Cynthia Erivo?
This term describes the cost of the next best alternative use of time, money or resources.
What is opportunity cost?
This is the group who decide what goods and services are produced in a market economy.
What are consumers (or something similar)?
In the factor market, this is what is exchanged between businesses and individuals/households.
What is income for the factors of production?
A product like insulin might be considered this term, because as the price increases, there is only a small decrease in demand.
What is inelastic?
Rent controls are an example of this.
What are price ceilings?
This was the price for rigatoni during the first game of the Spice is Right.
What is .99?
This is the basic format for an opportunity cost statement.
What is "Identify scarce resource. What was chosen. The opportunity cost is..." or something like that?
What are whatever sounds right to each answer?
In the circular flow of economics, this is a way to describe how an individual who works at Target interacts on both the factor and product market with Target.
What is "the person earns money on the factor market in exchange for labor for Target, and they go to Target and spend their money buying things on the product market? or something like that
These are 2 of the ways that businesses can choose to give out products when there is a shortage.
What are 1st come 1st served, rationing, favorites, lottery, highest bidder, and need?
When there is a surplus, this is the main way for suppliers to get rid of their supply.
What is a sale?
This is Mr. Neese's height in inches.
What is 64?