Terms
Land, Labor and Capital, Oh My
Economic Concepts
The Circular Flow of Economic Activity
Potpourri
100
Not having enough resources to produce all the things people would like to have.
What is scarcity?
100
gold
What is land
100
a person who uses goods and services to satisfy wants and needs
What is consumer?
100
John goes to Ralphs to buy a soda after looking through all the different brands he decides on Pespi. Ralphs represents the ____________
What is Product Market?
100
the cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost?
200
is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the carful use of relatively scare resourcesl
What is economics?
200
bulldozer
What is capital?
200
Scarcity + ________ = Value
What is utility?
200
John goes to Ralphs to buy a soda after looking through all the different brands he decides on Pespi. After Pespi receives the payment from Ralphs, Pespi pays Jimmy the delivery driver. Pespi would be the _________ Jimmy the delivery driver gets paid at the __________
What is business & factor market?
200
What to Produce, _______ to Produce and For Whom to Produce.
What is How?
300
a basic requirement for survival
What is a need?
300
land
What is land?
300
Accumulation of products that are tangible, scarce, useful and transferable from one person to the next.
What is wealth?
300
the markets where product resources are bought and sold
What is factor markets?
300
Economics is about ___________.
What is Choices?
400
resources required to produce the things we would like to have, are land, capital, labor and entrepreneurs.
What is the factors of production?
400
retail salesperson
What is labor?
400
Mr. Rundgren's Paper Teddy Bear factory is having a hard time making a profit, list one thing he can do to increase productivity.
Division of labor, specialization, invest in human capital
400
Individuals sell land, capital and labor to...
What is factor markets?
400
Sara, Steve, and Heather all work at a Pizza Town. Sara can make 4 pizzas every 10 minutes. Steve can make 3 pizzas every 11 minutes. Heather can make 5 pizzas in 5 minutes. Heather has a _____________ at making pizzas.
What is specialization?
500
the tools, equipment, machinery, and factories used in the production of goods and services
What is capital?
500
Money
What is financial capital?
500
a popular model use to illustrate the concept of opportunity cost
What is production possibilities frontier?
500
Johnny decides he wants to start his own business. He wants to start selling custom shoes. After meeting with a bunch of retail stores, H&M, Macys, Target and Kohls decided to carry his shoes. Macys would be a __________
What is product market?
500
Argon Textiles company is currently producing 100 t-shirts and 40 sweatshirts a day at full potential. However, a large order came in for sweatshirts and after meetings between management, Argon Textiles decides shift production to 10 t-shirts a day and 100 sweatshirt at full potential. Explain the opportunity cost
The opportunity cost of producing 70 additional sweatshirts is 90 less t-shirts.
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