Economy

Economics Basics

100

What is the term used to describe how a given area uses its resources

Economy

200

This term refers to the study of small scale decisions and trends in the economy

Microeconomics

300

This is where buyers and sellers exist

Market

400

This term refers to the study of large scale decisions and trends in the economy

Macroeconomics

500

This term refers to when there is very few of an item, making it very valuable

Scarcity

Factors of Production

100

This term refers to the amount of work that goes into making a good or a service

Labor

200

An entire cow can be an example of this

Land

300

Mr. McClain's college degree and expertise are an example of this:

Human Capital

400

Mr. McClain has tools, raw materials, and, knowledge of how to make something. What factor of production is missing?

Labor: this stuff aint gonna make itself

500

Mr. McClain is working on a project and uses a stapler. This is an example of:

Physical Capital

Economy Types

100

What type of economy's main focus is security and stability

Command Economy

200

This type of economy exists to allow buyers and sellers (Supply and demand) control the means of production

Market Economy

300

This type of economy exists when the government controls the means of production 

Command Economy

400

This type of economy is based on survival and cultural beliefs

Traditional economy

500

What is the most common type of economy in the world?

Mixed economy

Misc.

100

What is the legal proceeding for people or businesses that are unable to pay their outstanding debts?

Bankruptcy

200

What is the term that refers to a expense that is unrecoverable?

Sunk Cost

300

What is the term for something that encourages buyers behavior

Incentive

400

Which direction would this graph move if there was a revolution that led to the ability to make more calculators

Right

500

If McClain has a $100 watch on, (#bussdownmyAPperfecttiming) and inflation lowered the value of the dollar 7%, how much would someone have to pay to get that same watch?

$107

Fun Facts

100

What is the fastest fish in the world

Swordfish

200

Where was the first capital of Missouri

St. Charles

300

What room number is this?

805

400

What is the 2nd planet from the sun?

Venus

500

What is the capital of Illinois

Springfield