Things you can see and touch. They are products that you can purchase to meet your needs and wants.
What is a good?
100
Oil is an example of this type of resource.
What is a natural resource?
100
This company recently was ordered to pay more than $1 billion in damages to Apple, Inc.
Who is Samsung Corporation.
100
Things that are required in order to live (e.g. - food, water, shelter, clean air).
What is a need?
100
An example of a command economy.
What is Cuba, North Korea, China, or any communist country.
200
People responsible for setting demand.
Who are consumers?
200
A person's ability to produce, education they possess, and creativity is an example of this type of resource.
What is a human resource?
200
This country was recently admitted to the World Trade Organization (WTO).
Who is Russia?
200
Things that are used to add comfort and pleasure to our lives.
What is a want?
200
The two vice presidential nominees for the upcoming election.
Who are Representative Paul Ryan (R-Wis) and Vice President Joe Biden (D-Del)?
300
The value of the next-best alternative that you were not able to choose.
What is opportunity cost?
300
This resource provides access to tools and equipment as well as money used in the production of goods and services.
What are capital resources?
300
Facebook stock is now worth approximately $18. The original price the stock was floated at was...
(hint - the price has dropped approximately 52.5%)
What is $38?
300
Needs and wants are said to be...
What is unlimited?
300
(BLANK) happens to the price of a good or service when demand increases.
What is "increase"?
400
Name the title of each axis on the supply and demand curve.
What is price (Y-axis) and quantity (X-axis)?
400
Not having enough resources to satisfy every need or want.
What is scarcity?
400
How would a perceived lack of supply affect the price of a good/service?
It would increase the price consumers were willing to pay.
400
A bachelors degree to enter medical school.
What is a need?
400
Another name for economic resources used by companies to produce goods and services.
What are factors of production?
500
DAILY DOUBLE!!!
Draw a supply and demand curve for a product and service. Label each axis and create the line graph for each. Depict the hypothetical price for the good or service.
500
People who decide how resources are used in a market economy.
Who are producers/businesses?
500
The political party that is mainly associated with smaller government and limited intervention in the free markets.
Who are the Republicans?
500
A 60" plasma high-definition TV to host a Super Bowl party.
What is a want?
500
DAILY DOUBLE!!! Explain why money is/is not an economic resource.
Money isn't an economic resource because it isn't productive.