Enter Title

A

100

SCARCITY EXISTS BECAUSE RESOURCES ARE

_________BUT WANTS ARE UNLIMITED

LIMITED

200

THE NEXT BEST ALTERNATIVE YOU GIVE UP IS CALLED?

OPPORTUNITY COST

300

GIVING UP ONE OPTION IN ORDER TO GET ANOTHER IS CALLED A ____________?

TRADE-OFF

400

THE MAIN GOAL OF MOST BUSINESSES IS TO EARN

A ____________

PROFIT

500

WHICH TYPE OF RESOURCE DOES A FACTORY GO UNDER?

CAPITAL

B

100

IS WATER A NEED OR WANT

NEED

200

IS A COAT A NEED?

YES IN MINNESOTA

300

IS INTERNET A NEED?

YES

400

ALL WANTS AND NEEDS ARE NECESSARY FOR SURVIVAL. T/F

FALSE

500

A COMPANY IN LOS ANGELES MAKES A DESIGNER JACKET.....IS THIS CONSIDERED A NEED OR WANT?

WANT

C

100

A TRADE-OFF HAPPENS WHEN YOU MUST ________

________________

GIVE UP ONE THING TO GET ANOTHER.

200

WHEN SUPPLY IS GREATER THAN DEMAND, IT'S CALLED?

SURPLUS

300

THE POINT WHERE SUPPLY = DEMAND IS CALLED?

EQUILIBRIUM

400

IF DEMAND INCREASES BUT SUPPLY STAYS THE SAME, WHAT HAPPENS TO PRICE?

PRICE INCREASES

500

WHAT DOES THE PPC (PRODUCTIONS POSSIBILITY CURVE) SHOW?

TRADE-OFFS AND OPPORTUNITY COSTS

DName

100

A BUSINESS IS AN ORGANIZATION THAT PROVIDES

_________OR ___________.

GOODS, SERVICES

200

A BUSINESS OWNED BY ONE PERSON IS A ?

SOLE PROPRIETORSHIP

300

A LARGE BUSINESS THAT IS SEPERATE FROM IT'S OWNERS IS CALLED A ___________.

CORPORATION

400

NAME TWO MAIN FUNCTIONS OF A BUSINESS

PRODUCING, MARKETING, MANAGING, HIRING, FINANCING

500

NAME ONE ADVANTAGE AND ONE DISADVANTAGE OF HAVING A FRANCHISE (FOR EXAMPLE YOU BUY A STARBUCKS FRANCHISE INSTEAD OF STARTING YOUR OWN BUSINESS).

ADV: KNOWN BRAND, MODEL WORKS, TRAINING AND SUPPORT, EASIER FINANCING, CUSTOMERS KNOW THE BRAND

DISADV: HIGH FEES AND ROYALTIES, STARBUCK COMPANY MAKES MANY OF THE DECISIONS, RULES, LESS CONTROL

E

100

YOU HAVE $5. YOU CAN BUY CHIPS OR SAVE IT FOR LUNCH. IF YOU BUY CHIPS, WHAT'S THE OPPORTUNITY COST?

LUNCH

200

A STUDENT SPENDS $20 ON A CONCERT TICKET INSTEAD OF A NEW BOOK. WHAT'S THE OPPORTUNITY COST?

THE BOOK

300

A STORE MAKES TOO MUCH CANDY FOR HALLOWEEN, AND NOT ALL SELLS. WHAT IS THIS CALLED?

SURPLUS

400

GASOLINE BEING RATIONED DURING WW2 IS AN EXAMPLE OF?

SCARCITY

500

A CITY GOVT HAS A 10 MILLION DOLLAR BUDGET. IT CAN EITHER -BUILD A NEW PUBLIC HOSPITAL OR

                   -INVEST IN UPGRADING SCHOOLS

TRY AND EXPLAIN SCARCITY AND OPP COST

SCARCITY FORCES A CHOICE, LIMITED BUDGET

IF HOSPITAL BUILT, OPP COST IS UPGRADING SCHOOLS