Scarcity
Opportunity Cost
Production Curves
Production Curves Part 2
Margins
100
If a person was in a desert, then what resource is scarce?
What is water?
100
What is your opportunity cost for being at school?
Free Answer.
100
If a company makes tables what would happen to the number of tables produced if the company also produced chairs?
What is it would decrease?
100
A company can produce 50 burgers or 100 hot dogs. What is the production ratio?
What is 1 burger to 2 hotdogs?
100
What can cause the production curve to shift to the right?
What is an increase in resources, or change in technology?
200
Why is gold an inherently rare resource?
What is that there is a limited supply to use in the world?
200
What is macroeconomics?
What is the study of global scarcity and the creation of and consumption of goods?
200
A company can either create 10 footballs or 30 basketballs. If a company would produce 8 footballs, then how many basketballs do they need to produce?
What is 6 basketballs?
200
A company can produce 20 pens or 160 pencils. If the company is on margins and produces 15 pens, how many pencils does it need to make?
What is 40 pencils?
200
What is a good?
What is any product that can acquired through trade?
300
Why would a cruise ship be inherently scarce?
What is that it is a large item that takes many resources in order to produce?
300
What is a trade off?
What is the material losses you make from taking your opportunity cost.
300
What is point of this graph is inefficient?
What is point A?
300
A company can either produce 90 bottles of lemonade or 75 bottles of tea. If lemonade makes the company $2 profit while the tea make the company $2.25, what should the company specialize in?
What is lemonade?
300
What is a service?
What is any action another person or business provides in exchange for payment?
400
Why would a green cat sweater be inherently scarce?
What is that there is no market for this item therefore few people produce it?
400
What is microeconomics?
What is the study of economics on a smaller scale, normally just a single company?
400
Which points are on the margins?
What is AB?
400
If a company can produce either 20 dog toys or 5 cat toys. If the company receives an order for 8 dog toys how many cat toys should the company produce?
What is 3?
400
A company can produce 12 chairs and 36 footlockers. If an order arrives for 11 chairs and 34 footlockers, what would that order be in terms of margins?
What is impossible?
500
What is scarcity?
What is a lack of a product or resource?
500
What is an opportunity cost?
What is the cost that a person makes by choosing to take one course of action over another?
500
Daily Double
A company can either produce 7 cakes or 49 pies. The cake sell for $10 while the pies sell for $4. If there is an order of 21 pies what would be the total profit if the company is on margin?
What is $124?
500
What can cause the production curve to shift to the left?
What is an increase in cost of materials, a decrease in production, or a natural disaster?
500
What goods and services are scarce?
What is everything is on some level scarce?