Scarcity
Opportunity Cost
Factors of Production
Business Cycle
Supply & Demand
100
When people need to make economic choices due to a lack of available goods and money, this is called...
What is Scarcity?
100
A _____________ is something you would like to have, but it is not required to live.
A Want
100
List these 4 Factors of Production
Land, Labor, Capital, and Entrepreneur
100
Which term describes the phases of expansion and contraction in an economy over time?
Business Cycle
100
This part of the market determines DEMAND
The Buyer/Consumer
200
The amount of money a person makes.
Income
200
Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?
Honda
200
Which of the factors of production is this?
Labor
200
This economic indicator measure the monetary value of all finished goods and services produced in the U.S. in a year.
Gross Domestic Product
200
This part of the market determines SUPPLY
Sellers/Producers
300
What are the three basic economic questions?
What to produce? How to produce? For whom to produce?
300
Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?
Watching TV
300
Which one of the factors of production is this?
Capital
300
During times of economic recession the unemployment rate usually?
Increases
300
Goods that are bought and used together are?
Complementary Goods
400
Food, clothing, and shelter are all examples
A Need
400
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Dress
400
Which factor of production is this?
Land
400
During recessions, what usually happens to inflation?
Inflation increases.
400
The diagram represents a...
Increase in demand
500
GDP declines during a(an)
Contraction (recession)
500
Steve decided to buy the brand new iPhone that just came out instead of putting money aside for a beach vacation in North Carolina this summer. His opportunity cost would be
Beach Vacation
500
Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?
Entrepreneur
500
The Business Cycle measures ___ over time.
Economic Growth
500
The movement from Point A to Point B represents a(n)
Decrease in the quantity supplied.