Scarcity
What does Scarcity mean?
Making Choices
What is Opportunity Cost?
A person who chooses one alternative gives up other alternatives.
What is Production Possibilities Curve?
Shows alternative ways of using a country's resources
What are the 3 Key Economic Questions?
1) What goods and services should be produced?
2) How should these goods and services be produced?
3) Who consumes these goods and services?
How many cards are in a standard deck of playing cards?
52
What is the difference between a Need and a Want?
Human and Physical
Sarah has a free Saturday afternoon. She can either pick up an extra shift at work and earn $50, go to a movie with her friends (which costs $15), or study for her upcoming math exam. She chooses to go to the movie. What is the opportunity cost of her choice?
A) The $15 she spent on the movie ticket.
B) The $50 she could have earned, OR the better grade she could have gotten by studying (whichever she considers her second best option).
C) Both the $50 she didn't earn and the time she didn't spend studying combined.
D) There is no opportunity cost because she had fun.
B) The $50 she could have earned, OR the better grade she could have gotten by studying (whichever she considers her second best option).
What does Efficiency mean?
is using resources in such a way as to maximize the production of goods and services.
What is a Profit?
The amount of money a business receives in excess of its expenses
Which country is the largest in the world?
Russia
Goods are things that we buy, and Services are actions people do for each other
What does Guns or Butter mean?
A country decides to spend money on Military Goods or Consumer Goods
What does the Production Possibilities Frontier show?
The line on the curve that shows the maximum possible production.
What is factor Payment? hint (land, labor, capital)
The income someone receives from supplying factors of production.
what's the best-selling book of all time?
The bible
What are the 3 Factors of Production?
Land, Labor, and Capital
During the a 1 week vacation if a choose to summer traveling to a resort in Mexico over a cruise through the Caribbean. What is my opportunity cost?
It is the cruise through the Caribbean.
Is underutilization a good or bad thing? Why?
Bad, it is when a country is using fewer resources than it is capable of using.
What is a safety net in economics?
are programs from the government that help people when they have unfavorable economic conditions (layoff, injuries or natural disasters.
What is the name of the pet dinosaur on the TV cartoon “The Flintstones”?
Dino
What are the two types of Capital?
Human and Physcial Capital
What is a Trade-off when making decisions?
Are alternatives people give up when they choose one course of action over another
Law of increasing Cost (Opportunity Cost)
What does Security mean in Economics?
Knowing that certain items in a supermarket are always available.
What is an eight-sided shape called?
Octagon
What is the difference between Scarcity and Shortage?
Scarcity refers to the limited availability of a resource, while shortage refers to a temporary deficit of a resource
What is the opportunity cost of working a full time job after high school.
The cost of getting a college degree certification.
How can technology help in production?
It can increase a country's efficiency.
What is economic Freedom?
To buy want you want, work where you want and to own property
The first iPhone was released in what year?
2007