Show:
Scarcity and the Science of Economics
Basic Economic Concepts
Economic Choices and Decision Making
Economic Systems
Free Enterprise in the U.S.
Potluck
100
The condition that results from society not havning enough resources to produce all the things people would like to have.
What is scarcity.
100

Physical objects that can be purchased, like food, clothing, and furniture 

AND ALSO 

work that one person performs for another person for payment


What are goods and services?

100

The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. Also why students are less likely to study on a Friday night.

What is opportunity cost

100
An organized way of providing for the wants and needs of their people
What is Economic System/Economy
100

The reason most people start a business

What is Profit 

(or the profit motive)

100

TANSTAAFL

What is "There ain't No Such Thing as a Free Lunch?"

200
The 3 basic questions one must ask when making wise economic decisions.
What is what to produce, how to produce, and for whom to produce.
200

The adjective used to describe the cost or benefit that comes from using just one more unit of a product or a service.

What is marginal? 

(Marginal cost or Marginal benefit)

200

A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed

What is Production Possibilities Frontier

200
A system in which the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom.
What is a traditional economy
200

A person who chooses not to pay for a good or service, but receives a benefit when it is provided anyway.

What is a free rider?

200

Mr. Williams' favorite football team.

What is the Oakland Roots?

300
Name the Factors of Production.
What is land, capital, labor, and entrepreneurs.
300
The measure of the amount of output produced by a given amount of inputs in a specific period of time.
What is productivity
300
A way of thinking about a problem that compares the costs of an action to the benefits received
What is cost-benefit analysis
300
A system in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.
What is a command economy
300

Public and private sectors share responsibility for providing these types of goods or services, which are necessary to the smooth functioning of society (e.g. highways, mass transit, power/water/sewer, education)

What is infrastructure?

300

The only remaining Command Economy in the world today (2023).

What is North Korea?

400
The dollar value of all final goods and services.
What is Gross Domestic Product (GDP)
400

Make decisions according to what you believe is the best combination of costs and benefits

What is economize

400
A type of economy in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions
What is Free Enterprise Economy
400
A system where people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions.
What is a market economy
400

A government payment or support that helps cover the cost of something beneficial and can serve to encourage people to do something that helps society

What is a subsidy?

400

Changing the world economy so that more nations do business with each other, and more firms do business in and with other nations. (The reason your grownups keep insisting you get training after high school)

What is globalization?

500

the knowledge, tools, and equipment that make production easier, or make production possible

What is capital

500
The concept that we rely on others, and others rely on us, to provide goods and services that we consume.
What is economic interdependence
500

The "Father of Classical Economics"

Who is Adam Smith?

500
The United States has this type of economy
What is a mixed economy
500

The economic term for the cost someone outside an economic decision bears when an economic choice harms or negatively someone

What is a negative externality?

500

The part of the economy where individuals (like you) and households (like yours) sell Land, Labor, Capital or Entrepeneurship (Risk) to businesses to get money so they can buy goods and services on the Product Market.

What is the Factor Market?