Show:
Vocabulary
Scarcity
Opportunity Cost
Production Possibilities Curve
Factors of Production
100
The resources used to make all goods and services
What are factors of production
100

Why are all goods and services scarce?

What is all resources are limited 

100
What is the definition of opportunity cost? 

The highest alternative you give up when you make a choice

100
the purpose of the production possibilities graph
What is show alternative ways to use an economy's resources
100

What is the definition of Factors of Production?

Resources used to make all goods and services

200
A factory building is an example
What is physical capital?
200
There are not enough workers to finish 2 jobs because there are a limited supply of workers
What is an example of scarcity
200

When we give up one benefit for another, better benefit.  The _________ is the thing you give up.

What is Trade-Off

200

When the Production possibilities frontiers curve points are charted on a graph, they show...

Shows possible combinations of production of two goods/services


200

Money and human-made resources used to produce other goods and services

What is capital?

300

You might demand $50 tickets to see Taylor Swift in Cincinnati every summer, but she wants to go to different places she hasn’t been and is not willing to offer tickets cheaper than $150.

What is a Shortage?

300

A person wants an endless supply of everything but cannot have it. Is this an example of scarcity or shortage?

What is scarcity?

300
You fill your gas tank using the last $30 in your checking account and payday is Monday. Your friends invite you to go to the movies Sat night. What is the opportunity cost?
What is the movies with your friends?
300

If there is a point INSIDE of the Production Possibilities Frontier Curve it means...

Not an efficient use of resources! (You are not using all of your resources)

300

People who own businesses and decide how to combine resources to create new goods and services

What are Entrepreneurs?

400
A woodworker uses saws and drills to make furniture. The saws and drills are an example of...
What is physical capital?
400

These two basic economic problems exist because resources are limited and people must decide which needs and wants to prioritize.

What is scarcity and choice?

400

Deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time

What is Marginal Thinking/ thinking at the margin?

400

If there is a point OUTSIDE of the Production Possibilities Frontier Curve it means...

IMPOSSIBLE! There are not enough resources to produce both goods

400

A teacher grading assignments is an example of what factor of production?

What is labor?

500
A taxi drivers knowledge of city streets is an example of ...
What is human capital?
500
The definition of scarcity"Limited quantities ...
What is to meet unlimited wants"?
500

How we decide to spend our time and money is an example of what type of decision? 

What is Individual Decision?

500

If the prom committee receives a donation of cupcakes and decorations, the production possibilities curve moves ...(which direction)

What is to right?

500

If increasing physical capital increased productivity, why would a company not buy newer, faster computers for all its workers every year?  

The marginal cost outweighs the marginal benefit. 

- Computers are expensive and the cost of them would outweigh the benefit