Econ is Quite Resourceful
A screwdriver is an example of what economic resource?
What is a capital resource(physical capital)?
A resource that does not meet everyone's unlimited wants/needs is best described as...
What is a scarce resource?
In economics, a reward is often referred to as an...
What is an incentive?
In economics, we look to answer three main questions regarding what to produce, how to produce, and...
What is for whom to produce?
Businesses provide the goods and services we want/need by...
What is producing them?
A local peach farmer requests your assistance in harvesting his crop. What type of resource is your labor?
What is human capital (a human resource)?
Fueled by clout, Dave purchases a new pair of AirPods. In economics, the "tangible" AirPods are an example of...
What is a good?
Ellie decides to meet her friends at the Bryson Tiller concert. Although the tickets are expensive, she values the experience of seeing her favorite artist perform over the monetary value. What economic principle is Ellie partaking in?
What is voluntary trade?
During an intense NBA 2K20 game, Rigo's batteries die. He immediately rushes to the laundry room to fetch two new batteries. The batteries he uses in his controller are an example of what economic good...
What is a consumer good?
At McDonald's, there are many things that Max wants to buy. When he chooses an item to buy, there will always be an...
What is an opportunity cost?
Margo inherits a 150 acre lot in rural Wyoming from her grandfather. Neighboring Kanye West's $15 million dollar Wyoming ranch, she sees an opportunity to build a rental house using her brothers construction company. In economic terms, the skills, knowledge, experience, and personal qualities can be best described as...
What is human capital (human resource)?
John decides to go to the local convenience store to purchase a drink. In order, his favorite drinks are Iced Tea, Lemonade, and Coca Cola. He buys a bottle of Iced Tea. The opportunity cost of his choice to buy the Iced Tea is...
What is the bottle of Lemonade?
Flynn just bought a new Tesla Model 3. His wife made it clear that they can only afford one car for the next 10 years. In order to eliminate inconvenient and costly trips to a mechanic, Flynn is extremely careful with his new car. In economic terms, Flynn is thinking about...
What are future consequences?
The mayor of Sacramento has sent out an urgent notice regarding the excess garbage in Golden 1 Center. Unfortunately, only a few individuals are interested. In economic terms, the good (garbage) in this scenario is...
What is not a scarce good?
Money holds tremendous value in the United States Economy because it helps people...
What is trade?
Many early civilizations established their city centers near major water ways. As early as 5,000 B.C.E., Mesopotamian states began arising on the banks of the Tigris and Euphrates Rivers. What type of economic resource were these civilizations taking advantage of?
What is a natural resource?
After a night of helping orphans, you wake up sick. You decide to visit the doctor. The medical assistance you receive is an example of a...
What is a service?
This good is one of the most attractive incentives...
What is money?
Mario opened a pizzeria in downtown Chicago. Although many restaurants in Chicago serve traditional deep dish pizza, Mario uses a different crust recipe. What economic factor of production does Mario's innovative recipe align with?
What is entrepreneurship?
Roman is a corn farmer in Iowa. Unfortunately, the area where he lives is in an extreme drought. This has drastically effected his crop rotation. What was hindered by this poor weather?
What is the price?
Phil Knight, the co-founder of Nike, began creating revolutionary track shoes with his coach at Oregon. His ability to organize resources, take risks, and find new ways of combining resources helped him produce a new and innovative product. In economic terms, Phil Knight can be described as an...
What is a an entrepreneur?
Following her graduation from Sutter, Maisie decided to run a business. She can either produce tractors or cowboy boots. She chooses to produce tractors. The opportunity cost of producing the tractors is...
What is the cowboy boots she cannot produce?
Leo originally joined Interact Club for free pizza every other Wednesday. After being forced to participate in a community service event, he began volunteering at the local soup kitchen. The joy he felt while helping his community is an example of what economic principle...
What is an incentive?
Aubrey runs a business in Silicon Valley that specializes in high end computers. In order to meet top of the line standards, another company sells her high quality computer chips for $250. Aubrey's final product is then sold for $4,000. What monetary value would be accounted for in the GDP?
What is $4,000?
Brook's business is trying to make as mush profit as possible this quarter. Her partners suggest that they charge as much as possible. The consumers react negatively to this sudden price change as they like to buy the product at...
What are low prices (the lowest price)?