Circular Flow Diagram
Models
Econ Basics
Costs of Production
Ethos, Logos, Pathos
100
The Circular Flow Diagram is an example of a __________________ model.
graphical model
100
What is this a graphical model of?
A water molecule
100
What are the three questions every economic system needs to answer?
What do we produce?
How do we produce it?
Who gets what we produce?
100
What are the four kinds of factors of production?
Land, labor, capital, entrepreneurship
100
"Dawn soap kills 99.9% of germs" is an example of which rhetorical technique?
Logos
200
Money is exchanged for goods and services in the _________ _________.
Product Market
200
The local weatherperson used a series of equations to calculate the windspeed during the recent hurricane. Which type of model did they use?
Mathematical Model
200
You have time to either go to the movies or go to a concert. You decide you want to see a movie. What is the opportunity cost in this scenario?
Going to the concert
200
Give three examples of the inputs required to produce a pizza.
Answers may vary.
200
For many years, most children's breakfast cereal commercials included lots of bright colors and silly noises. Why?
These things would keep children's attention during the commercials because they are stimulating
300
What flows from the household to the factor market to the business?
Factors of Production (FoP)
300
Mr. Neri drew a diagram of his closet before he installed a closet rod to hang up his clothes. Which type of model did he use?
Graphical model
300
The United States is a mixed economy. Although the government provides laws and regulations for businesses, the prices for goods and services are generally determined by what?
The market (supply and demand)
300
Cost of materials, utility bills, and parking lot snow removal are all examples of ______________ production costs.
Variable production costs
300
Give an example of an advertisement we saw that uses the rhetorical technique known as pathos.
Answers may vary
400
What flows from the business to the factor market to the household?
Wages
400
In the Black Mirror clip we watched, we saw Frank and Amy run 1000 simulations of a relationship to see if they were compatible. Which type of model is this?
Computational Model
400
Monopolies and oligopolies usually cause the consumer to pay higher prices because there is no ______________________.
Competition
400
The maximum producible amounts of two products with available resources is called the PPF, or the _________________ _____________________ _______________________.
Production Possibilities Frontier
400
This commercial is using which rhetorical technique?
Ethos
500
Where do businesses get the money to spend in the factor market (paying employees for example)?
They sell goods or services to consumers and earn revenue.
500
Rodney earns $50 for every lawn he mows over the summer. What is a mathematical model you could use to represent how much money Rodney has?
R = 50x
500
Give an example of an externality.
Answers may vary.
Pollution from factory, noise from airplanes, etc.
500
If the price of fertilizer decreased, how would the supply curve of farmers' vegetables shift? Why?
The curve would shift right because farmers could produce more for the same price with cheaper materials
500
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