#Basic
First Model You Ever Met
Advantages & Trade
Supply & Demand
Fun!
100
Economics is the study of _____ , which means “limited resources”
What is Scarcity?
100
The point(s) that are using land, labor, capital efficiently?
What are points B, C, E, F?
100
A country has this type of advantage if they produce the most of a product.
A country has this type of advantage if they have the lower opportunity cost.
What is absolute advantage?
What is comparative advantage?
100
The Law of Demand:
As the price of a good or service _____, consumers want to purchase _____ of it.
What is if price of a good or service decreases, consumers want to purchase more of it?
What is if price of good or service increases, consumers want to purchase less of it?
100
Known for leading the nonviolent civil rights movement in the United States during the 1950s and 1960s
Who is Martin Luther King Jr.?
200
For each set of examples, name the production factor.
1: Artists, doctors, welders
2: Robots, computers, trains, wrench
3: Creative spark to combine other 3 Prod. Factors into a product
4: Oil, metal, water
1. What is labor?
2. What is Capital?
3. What is Entrepreneurship?
4. What is land?
200
The point where they can make more consumer goods without decreasing capital goods.
What is point A?
200
______ has the absolute advantage in watches.
What is country X?
200
The following are determinants of Demand, EXCEPT (More than one could be correct)
A: Price of related goods
B: Number of producers
C: Input costs
D: Consumer tastes
E: Production factor availability
F: Number of buyers
What is input costs, number of producers, and production factor availability?
200
The force that pulls objects toward the center of the Earth
What is gravity?
300
_____economics observes whole nations, and topics like unemployment, GDP, and international trade.
_____economics observes individuals and businesses.
What is macroeconomics?
What is microeconomics?
300
Production shifts from E to C. The new opportunity cost of each new capital good produced is...
What is 1/2 of a consumer good?
300
___________ has the comparative advantage in radios.
What is Country Y?
300
Gov’t raises minimum wage above equilibrium.
This is a price (floor or ceiling).
It can cause a (shortage or surplus).
What is this is a price floor and it can cause a surplus?
300
The country that has achieved the most FIFA World Cup wins
What is Brazil?
400
The true cost to any decision is...
What is opportunity cost?
400
These can cause PPC to shift to the right.
What is new technology and/or resources?
400
__________ has the smaller opportunity cost for making paint brushes
What/Who s New Zealand?
400
(Demand or Supply. Increase or Decrease.)
These are a SERIES of events! Link them!
1 - A storm destroys all US orange crops. In the market of OJ...
2 - In the market of apple juice...
What is that in the market of OJ supply with decrease and in the market of apply juice demand will increase?
400
Food additive that consists of the skin and bones of animals
What is gelatin?
500
This is one of major cons with the shift in America from labor-intensive methods to capital-intensive methods for jobs and production.
What is taking away jobs from American citizens?
What is risk of
500
This is another name for the Production Possibilities Curve
What is Production Possibilities Frontier?
500
The terms of trade: ___________ basketball(s) for __________paintbrush(es)
What is 1 basketball for 7 or 8 paintbrushes?
500
ou’re an evil dictator. You want to create a ____ of a product. You create a ____ price that is ____ than the eq. Price.
1st Blank: Shortage or Surplus
2nd Blank: Min or Max
3rd Blank: Higher or Lower
What is you want to create a shortage of a product. You create a max price that is lower than the eq. price.
or
What is you want to create a surplus of a product. You create a min price that is higher than the eq. price.
500
This was the first feature-length animated movie ever released
What is Snow White and the 7 Dwarves?