Intro to Econ
Like an Economist
Economic Systems
Role of Government
PPC
Random Stuff
100
The name for the study of the large economy as a whole or economic aggregates.
MACROeconomics
100
The most desirable alternative given up when you make a choice.
Opportunity cost
100
Little government involvement in the economy, individuals own resources and answer the three economic questions.
Free Market System
100
A situation in which the free-market system fails to satisfy society’s wants.
Market Failure
100
a model that shows alternative ways that an economy can use its scarce resources
production possibilities curve
100
The movie quote "On Wednesdays we wear pink" is from.....?
Mean Girls 
200
The name for the study of small economic units, such as individuals, firms, and markets.
MICROeconomics
200
ALL the alternatives that we give up when we make a choice.
Trade-offs
200
Which term is a command economy most commonly associated with
Communism
200
The part of the economy that is primarily controlled by the government
The Public Sector
200
Increased investment would likely have what effect on production possibilities?
Shift outward
200
In "Superbad," who gets punched in the face when trying to use a fake ID?
Fogell (or McLovin)
300
To have unlimited wants but limited resources.
Scarcity
300
A phrase used to describe the trade-off between a government's spending on defense and on domestic programs.
Guns and Butter
300
The government owns all the resources and answers the three economic questions.
Command (Centrally Planned) Economy
300
Situation that results in a COST for a different person other than the original decision maker.
Negative Externality
300
If a certain combination of goods lies inside a country’s production possibilities curve,
It means the country is being inefficient
300
The first EconMovie we watched used which film?
Monsters Inc.
400
The four factors of production.
Land, Labor, Capital, Entrepreneurship
400
Describe the difference between explicit and implicit costs
Explicit- Traditional out of pocket (money)
Implicit- The other factors such as time, happiness, etc.
400
Individuals own the resources, the government regulates the production and distribution of many goods/service, and individuals and the government answers the three economic questions.
Mixed Economy
400
Laws designed to prevent monopolies and promote competition.
Antitrust Laws
400
What happens to the PPC if there is an increase in physical capital?
It bows outwards
400
This Disney live action remake was one of the highest grossing films this year
Lilo & Stitch
500
"The rising price of crude oil on world markets will lead to an increase in gas prices" is an example of a positive or a normative statement?
Positive statement (Based on facts. Avoids value judgements)
500
As you consume more of anything, the additional satisfaction that you receive will eventually start to decrease.
The Law of Diminishing Marginal Utility
500
The concept that society’s goals will be met as individuals seek their own self-interest (Laissez Faire)
The Invisible Hand
500
Programs like social security, Medicare, food stamps, free/reduced lunch in schools, etc.
Welfare
500
Why would you produce at a point inside the PPC?
Inefficiency or Unemployment
500
Name this film
Sinners