Chapter 1 What is Economics
Chapter 2 Economic Systems & Decision Making
Chapter 3 Business Organizations
Chapter 4 Demand
Chapter 5 Supply
Let's Have Some Fun
100
This occurs because resources are limited but wants are unlimited.
What is scarcity?
100
An economic system where consumers and businesses make most economic decisions.
What is a market economy?
100
The most common form of business ownership in the United States.
What is a sole proprietorship?
100
As price increases, quantity demanded generally does this.
What is decrease?
100
As price increases, quantity supplied generally does this.
What is increase?
100
This capital city of Idaho is home to the first artificial football playing surface that was not green.
What is Boise?
200
The next best alternative given up when making a decision.
What is opportunity cost?
200
An economic system based on customs, traditions, and inherited roles.
What is a traditional economy?
200
Owners of a corporation are known by this term.
What are stockholders (shareholders)?
200
A product that can replace another product is called this.
What is a substitute?
200
Costs that do not change regardless of production level.
What are fixed costs?
200
This iconic duo is known for their comedic relief, and their banger "Hakuna Matata"
Who are Timon and Pumbaa
300
The factor of production that includes forests, oil, and farmland.
What is land?
300
The United States is generally considered this type of economy.
What is a mixed economy?
300
A merger between companies that produce the same product or service.
What is a horizontal merger?
300
A change in price causes this type of movement on a demand curve.
What is a change in quantity demanded?
300
A change in price causes this type of movement on a supply curve.
What is a change in quantity supplied?
300
This economic style board game, released in 1935, and is Mr. P's favorite, owning over 20 different unique versions of the game.
What is Monopoly?
400
A graph that shows the maximum combinations of goods and services that can be produced with available resources.
What is a Production Possibilities Curve (PPC)?
400
In this economic system, the government makes most decisions about what to produce, how to produce it, and who receives it.
What is a command economy?
400
This type of business organization provides owners with limited liability.
What is a corporation?
400
When two goods are commonly used together, they are called these.
What are complements?
400
The cost of producing one additional unit of output.
What is marginal cost?
400
In 1994, this best-known resident of 123 Sesame Street became the first bird character with a star on Hollywood's Walk of Fame.
Who is Big Bird?
500
The economic goal focused on keeping prices relatively stable over time.
What is price stability?
500
An economy experiences a major natural disaster and can no longer efficiently produce everything it needs. To recover, it focuses on producing only the goods it can make best and trades for the rest. What economic concept is being used?
What is specialization?
500
A merger between companies operating at different stages of production.
What is a vertical merger?
500
Demand for a product is considered this when consumers are highly responsive to price changes.
What is elastic demand?
500
The stage of production where diminishing returns begin.
What is Stage II?
500
This is the day Mr. Polek was born.
What is March 23rd?