Scarcity
The basic economic principal that resources are limited but wants are unlimited
What is Scarcity?
Giving up one thing in order to get another
What is a trade-off?
Land, labor, capital, and entrepreneurship
What are the factors of production?
Something that motivates a person to act
What is an Incentive?
This "Hick from French Lick" attended Indiana State University and went on to win multiple NBA championships and NBA MVP awards
Who is Larry Bird?
This can appear to be scarcity, but is sometimes man-made, and can usually be solved with an increase in production
What is a shortage?
The value of the next best option you give up
What is Opportunity Cost?
The income earned from land
What is rent?
A coupon giving you 20% off a meal would be an example of this
What is a positive incentive
Born in Gary, Indiana, this singer became the “King of Pop.”
Who is Michael Jackson
Three scarce resources that are commonly referred to are time, money, and this
What is energy?
What is infrastructure?
This factor of production combines land, labor, and capital to create goods
What is entrepreneurship?
A fine for parking in a handicap spot would be an example of this
What is a negative incentive?
This Indiana-born actor starred in Rebel Without a Cause and became a 1950s icon before his tragic death.
Who is James Dean?
Scarcity forces these two economic factors to play a role in setting the prices for products
What is supply and demand?
When deciding between going to the movies or going to dinner, you go to dinner. This would be the opportunity cost
What is going to the movies?
Tools, machines, and buildings are examples of this factor of production
What is capital?
A "buy one, get one free" promotion at a supermarket would be an example of this
What is a direct incentive?
This Indiana native was the 23rd President of the United States
Who is Benjamin Harrison?
Fresh water would be an example of what factor of production that is considered scarce?
What are Natural Resources?
Businesses often have to choose between quality, speed, and this
What is cost?
This is the cost of entrepreneurship
What is profit?
A school offers teachers a $500 bonus each semester if they put at least 2 grades in each week. However, this leads to teachers giving more busy work to students. This would be an example of
What is an indirect incentive
This famous late-night talk show host from Indiana hosted The Late Show for over 30 years.
Who is David Letterman?