Economics Basics
The social science that studies human choices about how to fulfill unlimited wants and needs with limited resources.
What is Economics?
The condition of infinite wants and needs with limited resources.
What is Scarcity?
Which of the following is NOT a factor of production? Land, Language, Labor, or Capital?
What is Language?
If the economy goes from a state represented by Point A to Point B, what is the benefit of this choice? (TEK 1D)
A. 15 consumer goods
B. 25 consumer goods
C. 10 capital goods
D. 20 capital goods
C. 10 capital goods
This economic system is characterized by voluntary exchange between buyers and sellers.
What is Market Economy
Every material choice humans make has specific benefits and ___
What are Costs?
If you spend two hours at the mall and choose a movie over the bookstore, your opportunity cost is ___.
Time you could have spent at the bookstore
Which group owns the factors of production in a command economy? (
Government
In command economy government owns the factors of production
If the economy goes from a state represented by Point A to Point B, what is the opportunity cost of this choice?
(TEK 1D)
A. 15 consumer goods
B. 10 consumer goods
C. 5 capital goods
D. 20 capital goods
A. 15 consumer goods
This system relies on traditions and customs to answer economic questions.
What is Traditional Economy
The benefit lost from the next best alternative.
What is Opportunity Cost?
Every choice has both a benefit and a ___.
What is a cost?
In the production of corn, the tractor, irrigation pivots, chemical fertilizers, and herbicides are examples of which factor of production?
Capital includes man-made tools, machines, and equipment
If the economy goes from a state represented by Point B to Point C, what is the benefit of this choice? (TEK 1D)
A. 5 capital goods
B. 20 consumer goods
C. 10 consumer goods
D. 30 consumer goods
B. 20 consumer goods
A system where the government and individuals share ownership of resources.
What is a Mixed Economy
A choice that maximizes benefits and minimizes costs
What is Efficiency?
Moving from Point A to Point B on a production possibilities curve shows a trade-off between what two types of goods?
Consumer Goods and Capital goods
Which point on the graph is efficient?
Pull up graph on separate google doc
Point C
If the economy goes from a state represented by Point A to Point B, what is the opportunity cost of this choice?
(TEK 1D)
A. 15 consumer goods
B. 10 consumer goods
C. 5 capital goods
D. 20 capital goods
A. 15 consumer goods
If you have two hours to spend at the mall and you can either go to the bookstore or see a movie, the opportunity cost of seeing the movie is -
the time you could have spent at the bookstore
Goods used in the production of other goods are called ___.
What are Capital goods?
Resources used in the production of other goods are referred to as
Capital Goods
Which point on the graph is inefficient?
Pull up graph in separate Google Doc
Point D
Which of the following combinations would be considered efficient? (TEK 1D)
A. 5 capital goods and 5 consumer goods
B. 10 capital goods and 15 consumer goods
C. 20 capital goods and 30 consumer goods
D. 10 capital goods and 20 consumer goods
C. 20 capital goods and 30 consumer goods
Which of the following is an example of physical capital used to produce a book?
A. the tree used to make the paper
B. the truck used to transport the books
C. the rain used to grow the tree
D. the effort of the warehouse employee
the truck used to transport the books