Basics of Economics
100 pts: The study of how people use resources to meet their needs and wants.
Answer: Economics
100 pts: The four resources used to make goods and services: land, labor, capital, entrepreneurship.
Answer: Factors of Production
100 pts: A place where buyers and sellers exchange goods and services.
Answer: Market
100 pts: The total value of all goods and services produced in a country.
Answer: GDP
100 pts: Giving up one thing in order to get something else.
Answer: Trade-Off
200 pts: Limited availability of resources people want.
Answer: Scarcity
200 pts: The work people do to produce goods and services.
Answer: Labor
200 pts: A physical item that can be bought or sold.
Answer: Good
200 pts: An increase in the production of goods and services over time.
Answer: Economic Growth
200 pts: The next best alternative you give up when making a choice.
Answer: Opportunity Cost
300 pts: Something necessary for survival, like food or water.
Answer: Need
300 pts: Tools, machines, and buildings used to make goods and services.
Answer: Capital
300 pts: The satisfaction or benefit a person gets from using a good or service.
Answer: Utility
300 pts: How much output is produced per unit of input.
Answer: Productivity
300 pts: Comparing the costs and benefits of a decision.
Answer: Cost-Benefit Analysis
400 pts: Your parents offer you $10 to clean your room. This reward motivates you.
Answer: Incentive
400 pts: A farmer buys a tractor to help plant crops.
Answer: Capital
400 pts: A business hires new workers to increase production.
Answer: Factor Market
400 pts: Workers on an assembly line each focus on one task, like putting on tires or doors.
Answer: Division of Labor
400 pts: You can either buy a video game or go to the movies. You choose the game.
Answer: Opportunity Cost
500 pts: A concert sells out because more people wanted tickets than were available.
Answer: Scarcity
500 pts: A person takes a risk starting a new tech company.
Answer: Entrepreneur
500 pts: Buying a pair of shoes at the mall.
Answer: Product Market
500 pts: A country produces more cars this year than last year.
Answer: Economic Growth
500 pts: A student considers staying up late to study. The benefit = better grade, the cost = less sleep.
Answer: Cost-Benefit Analysis