Hard and Soft Skills
This soft skill involves understanding and sharing the feelings of others.
What is empathy?
This entrepreneur, known for revolutionizing the electric vehicle industry, has had public debates about politics.
Who is Elon Musk?
This factor of production includes all-natural resources used to produce goods and services.
What is land?
What is the definition of opportunity cost?
What is the value of the next best alternative that is lost when making a decision?
This term refers to the process by which individuals, businesses, or economies focus on a narrow area of production to improve efficiency.
What is specialization?
This is a technical skill that is required for data anaylsis and often involves formulas and spreadsheets.
What is data analysis?
This entrepreneur founded an online retail empire and later purchased The Washington Post.
Who is Jeff Bezos?
This factor of production refers to the human effort, skills, and knowledge used in the production process.
What is labor?
If you decide to spend $10 on a movie ticket instead of buying lunch, what is your opportunity cost?
What is the lunch you could have purchased with the $10?
What is the primary benefit of specialization?
This soft skill helps leaders inspire and motivate a team to achieve common goals.
What is leadership?
This social media entrepreneur has been used for U.S. elections for user data privacy and misinformation on his platform.
Who is Mark Zuckerberg?
This factor of production involves tools, machinery, and buildings used to produce goods and services.
What is capital?
A factory can produce either 1,000 smartphones or 500 laptops in a day. If the company decides to produce 1,000 smartphones, what is the opportunity cost?
What is the 500 laptops?
What economic concept explains why countries benefit from specializing in what they produce best and trading for other goods?
What is comparative advantage?
A programmer proficient in Java possesses this type of skill.
What is coding?
This entrepreneur co-founded one of the largest tech companies in the world and has heavily influenced global health and U.S. education policies through his charitable foundation.
Who is Bill Gates?
This factor of production is associated with individuals who take risks to start and manage businesses.
What is entrepreneurship?
In a production possibilities frontier (PPF) graph, what does a point inside the curve represent in terms of opportunity cost?
What is inefficient?
When workers specialize in a specific task, they become highly skilled in that area. However, this can also lead to a downside known as what economic issue?
What is structural unemployment?
If an employee can edit videos using Final Cut Pro but also works well in a team, which type of skill does each represent?
What is a hard skill in video editing and a soft skill in teamwork.
This entrepreneur co-founded a data analytics firm that worked with the U.S. government and political campaigns, raising debates over privacy and surveillance concerns.
Who is Peter Thiel?
A shortage of this factor of production can cause inflation, disrupt supply chains, and lead to economic stagnation. Examples include skilled labor shortages or natural resource depletion.
What is a scarcity of factors of production?
A farmer has 100 acres of land and can grow wheat or corn. If the opportunity cost of growing 1 acre of wheat is 3 acres of corn, what is the opportunity cost of growing 10 acres of wheat?
What is 30 acres of corn?
A country should specialize in producing goods in which it has this kind of cost advantage.
What is a lower opportunity cost?