Show:
The Economic Trinity
Production and Marginal Analysis
Allocation
Demand and Supply
100

When you are giving up some of one thing to get some of another, you are making...

Tradeoffs

100

A point outside of the Production Possibilities Curve represents...

an impossibility

100

Ciara goes on ebay to buy a new watch. She follows the bids until right before the timer runs out and wins the watch with a bid of $75. What type of allocation method is this?

Auction

100

The law of demand says that as price increases, quantity demanded...

Decreases

200

The economic condition of having limited resources and theoretically limitless wants is...

Scarcity

200
According to Marginal Analysis, when should someone stop doing something?

When you no longer gain any benefit from it.

200

What is perhaps the best part about the Lottery allocation method?

Fairness/Equality

200

Where supply and demand meet is known as...

Market Equilibrium

300
James was going to watch a movie, but he got a call from his friends inviting him to the beach. James decides that a few hours at the beach would be more fun than a movie and leaves to meet up with his friends. Watching the movie is James'...

Opportunity Cost

300

There are three workers in a factory. Worker A can produce 1 TV or 3 Radios. Worker B can produce 2 TVs or 5 Radios. Worker C can produce 3 TVs or 10 Radios.

What is the most radios that can be produced if the factory ALSO wants to make 3 TVs?

10 Radios

300

Allocation is a way of answering which economic question?

Who gets it? (the good or service)

300

A report comes out that eating Sour Patch Kids makes you go blind. What will happen to supply/demand?

Demand will decrease (shift to the left)

400

I weigh the pros and cons of various places to eat dinner. I am engaging in...

Cost-Benefit Analysis

400

What law explains why eating infinite cookies at one time will at first make you very happy and then eventually make you incredibly unhappy?

The Law of Diminishing Marginal Utility

400

A group of elementary school kids are picking teams for a game of kickball. Brian, the largest boy in the grade, is picked first. What type of allocation system is being used?

Personal Characteristic

400

A hamburger restaurant closes in Fayetteville. What happens to the price and quantity of hamburgers?

Price increases and quantity decreases

500

The "C" in PACED stands for...

Criteria

500
What has to change in a business to make hiring lots and lots of workers actually worth it?

More resources and/or more technology to work with

500

In a market economy (similar to what the United States has), what determines whether or not someone will be able to acquire a good or service?

Are they willing and able to pay for it.
500

Tennis players are expecting the cost of tennis balls to drop sharply a month from now... What will happen to the supply/demand for tennis balls?

Demand will decrease (shift left)