Show:
Factors of Production
Basics of Economics
Choices
Productivity
Grab Bag
100
A factor of production that includes aluminum
What is land?
100
This is the basic problem of economics
What is scarcity?
100
Because private consumers and producers decide what products are made, we are considered to have this type of economy
What is a free market economy?
100
These are outputs
What are final products made from inputs?
100
Fresno Christian Soccer and Basketball plays this team today
Who is Riverdale?
200
This is defined as people including their skills, talents and efforts
What is labor?
200
For something to have value it has to have these two things
What is scarcity and utility?
200
Describe what a durable good is
What is a product that last for 3+ years with regular use?
200
Define productivity
What is being efficient with resources?
200
These three states produced winners in the most Powerball contest
What is Tennessee, Florida, and California?
300
Define an entrepreneur
Who is someone who takes a risk in search of a profit?
300
These are 3 basic questions to ask when a product is going to be made.
What is "What to produce, How to produce it and Whom to produce it for"?
300
This is a chart you can use to make an informed decision
What is a decision making grid?
300
This is a graph that shows changing outputs based on full use of a someones resources
What is a Production Possibilities Frontier?
300
This is the senior theme for the winter sports rally
What is fire?
400
Name something that can be a capital good and a consumer good
What is any tool that is used to create a consumer good (i.e. a hammer can be bought as a consumer good and also used to make other products)
400
Define what wants are
What are expressions of needs?
400
This is what you call choices that you don’t take
What are alternatives or trade-offs?
400
In order to have someone be an expert in producing a certain aspect of a product, a company can do this with their labor
What is specialize (or have a division of labor)?
400
This person is the only one to receive an acting nomination for the Star Wars movies
Who is Alec Guinness?
500
If an owner gives incentives or trains their employees, it is considered investing in this
What is human capital?
500
This was studied when economists saw that water and air were less expensive that gold and diamonds
What is the paradox of value?
500
Define an opportunity cost
What is your next best choice if you hadn't chosen something else?
500
Name two ways for a company to increase their profits (be more productive) with out changing their price
What is get a lower price for inputs or get more work from their labor?
500
These are the names of the 4 home teams for the NFL playoffs this weekend
Who are Denver, New England, Carolina and Arizona?