This is the study of how people choose to use their limited resources to satisfy their unlimited wants.
Economics
100
This term describes someone who takes the risk involved in starting a business.
Entrepreneur
100
In this type of economy, custom determines the answer to the Three Fundamental Economic Questions
Traditional Economy
100
Which point of the curve on the white board is impossible?
Y
100
What is the only state whose name is a single syllable?
Maine
200
On a graph, the vertical axis is called the _____ axis
y-axis
200
These are the physical objects produced for sale.
Goods
200
Give an example of how the government provides Economic Security.
patents, property rights, etc. (answers may vary)
200
Which point on the curve on the white board is inefficient? Explain why.
X. Any point inside the curve is inefficient.
200
Which fruit has seeds on the outside?
Strawberry
300
What do Economists call the cost of one additional unit?
Marginal Cost
300
These are the inputs that go into producing goods.
Factors of Production
300
What are the Three Fundamental Economic Questions?
What to Produce, How to Produce, and for Whom to Produce?
300
List three ways trade makes us better off.
Better quality, quantity, variety, lowers the cost of goods, moves goods to those who value them, etc.
300
What soft drink did Dr. John Pemberton invent in 1886?
Coca-Cola
400
This statement describes which of the Seven Economic Principles: "Markets usually do better than anyone or anything else at coordinating exchanges between buyers and sellers."
Markets-coordinate-trade principle
400
This economic law explains how the satisfaction we get from something decreases as we get more of it.
The Law of Diminishing Marginal Utility
400
This type of economy prioritizes Efficiency and Freedom over the other economic goals.
Market Economy
400
Jack can produce 30 shoes and 90 CD's in a day. Roger can produce 25 shoes and 50 CD's in a day. Who has the comparative advantage in producing shoes?
Roger (his opportunity cost is 2 CD's/shoe, rather than Jack's opportunity cost of 3 Cd's/shoe)
400
Which planet has the shortest day of any planet in our solar system- only 9 hours and 55 minutes?
Jupiter
500
Economists, unlike scientists, are unable to complete this part of the Scientific Method
Conduct an experiment
500
List an example of each factor of production that goes into making a pencil (land, labor, capital, and entrepreneurship)
The Red Cross Care Packages to WWII Prisoners-of-War are examples of the faults of which economic system?
Command Economy
500
In a trade between an individual with an Absolute Advantage in producing two goods, what concept makes it beneficial for that individual to still trade?
Comparative Advantage. When both individuals trade by specializing in their comparative advantage, they can receive outputs beyond their Production Possibilities Frontier.
500
What was the first film that Joseph-Gordon Levitt starred in?