4 Factors of Production
What are the 4 Factors of Production?
Land
Labor
Capital
Entrepreneurial Ability
Economics is the study of how society chooses to manage its:
Scarce Resources
Which of the following is an example of a Traditional Economy?
A.) The Inuit of Canada
B.) United States, Canada, etc.
C.) North Korea, Soviet Russia
D.) None of the above
A.) The Inuit of Canada
Which of the following is NOT one of the 3 key questions of Economics?
A.)What goods and services should be produced?
B.) How should goods and services be produced?
C.) Who gets to consume the goods and services?
D.) What are the goods and services we produce in society?
D.) What are the goods and services we produce in society?
Opportunity cost means giving up the most ________________ _______________ as the result of a decision.
Desired Alternative
¡Double Jeopardy! Worth 400 Points!
What is the definition of a good?
What is an example of a good?
This question may be split between two teams for 200 points each if the original team does not answer the whole question correctly within the given time: NO ARGUING!
Definition: A Tangible Object
Example: May use the example from the study guide or a different object, as long as it is a "tangible object" answers may vary
Economics is also the study of how people choose to satisfy their ____________ and __________ by making choices.
wants and needs
Which of the following countries is an example of a Command Economy?
A.) North Korea
B.) United States
C.) Australia
D.) Germany
A.) North Korea
What types of goods and services should we produce?
A.) Goods that are valued most highly
B.) Goods that are valued the least
C.) Goods that are valued more than others.
Goods that are valued as more efficient.
A.) Goods that are valued the most highly.
If I have to choose between 3 ways to spend my Saturday and the options are as follows, in order of preference, which one is the opportunity cost if I choose the movies?
1. Hanging out with friends
2. Movies
3. Cleaning
I choose movies, what is the opportunity cost?
1. Hanging out with friends.
¡Double Jeopardy! Worth 600 Points!
What is the definition of a service?
What is an example of a service?
This question may be split between two teams for 300 points each if the original team does not answer the whole question correctly within the given time: NO ARGUING!
Definition: An intangible action
Example: May use the example from the study guide or a different action, as long as it is an "intangible action" answers may vary
Examples: Teaching, Dental Care, Being Examined at the Doctor, Having your car looked at by a Mechanic, etc.
Scarcity forces us to make ______________!
choices
Which of the following is NOT an example of the 3 main types of Economies?
A.) Traditional
B.) Market
C.) Command
D.) Capitalist
When deciding how to produce goods and services for society, we decide to use resources with the:
A.) Lowest scarcity
B.) Lowest amount of resources available
C.) Lowest Opportunity Cost
D.) Lowest Labor
C.) Lowest Opportunity Cost
You can either bake brownies or a cake. Baking brownies is your first choice. Baking a cake is your second choice.
You choose to bake a cake.
What is your opportunity cost?
Baking brownies.
Which of the following is an example of Land in Economics?
A.) Corn
B.) Oil
C.) Cows
D.) All of the Above
D.) All of the Above
¡Double Jeopardy!
Name a need!
Name a want!
These must be the examples from the study guide - We are not debating needs and wants.
Need - Shelter
Want - Nintendo Switch
Which of the following is a criticism of a Market Economy?
A.) Leaders can choose to allot more resources to people they know and favor.
B.) There is a great inequality of wealth
C.) People often have a lower standard of living
D.) Less emphasis on innovation
B.) There is a great inequality of wealth
Producing the maximum amount of output from the available resources is an example of:
Allocative Efficiency or Productive Efficiency?
Productive Efficiency
You have the choice between (ordered in order of preference 1-most, 3- least):
1. Going to a party with friends
2. Staying home and watching a movie with your family
3. Making money by going to work
If you choose #1, what is your opportunity cost?
#2, Staying home and watching a movie with your family
Name an example of capital in Economics.
From study guide: Dump truck used to build a road
Promethean board in classroom
Screws
You may use other answers as long as it meets the definition of Capital: Anything produced to produce other goods and services
True or False
Economics is the study of Money
False
True or False
The United States is a pure market economy.
False
Producing goods and services so that nothing is over or under produced and the wants and needs of people are being met is an example of:
Productive or Allocative Efficiency?
Allocative Efficiency
You have the choice between going to a baseball game, basketball game, or a football game. Your first choice is to go to the basketball game. Your second choice is the football game. Your third choice is the baseball game. You choose the basketball game. These are ordered in order of preference. Which is your opportunity cost?
The football game