Economics
Economic basics
Basically all economics
Some more economics
Potpourri
100
What is economics
The study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs
100
What is the stuff we must have to survive, generally: food, shelter, clothing.
Needs
100
How is time scarce?
Everybody has a limited amount of time.
100
What vocab word means that there are limited resources in the world.
Scarcity
100
What year was this car made? (Tunheim's first car ever)
1989 Ford Probe
200
What is stuff we would really like to have big screen TVs, jewelry, conveniences, etc?
Wants
200
What is the amount of pay a person gets over a year (especially for “professional” jobs).
Salary
200
What is work that is performed for others
Service
200
What's the difference between fixed and marginal costs?
Fixed is the same every month (rent)
variable cost can vary from month to month (labor/ raw materials)
200
Who is this?
Athena
300
What is Macroeconomics?
●The big picture: growth, employment, etc.
This includes choices made by large groups like countries
300
What is Microeconomics?
How do individuals make economic decisions
300
What is a tangible (you can touch it) products we can buy?
Good
300
What are the things used to make other goods?
Capital goods
300
Who did this painting? 
Van Gough
400
What is goods and services are made by an individual, a company, or even a country
Production
400
What are some examples of recourses that we "carry" all the time? (Hint.. Invesment)
(Not from the land)
time, energy, money.
400
What does trade off means?
You can't have everything, so making decisions on what you need and want compared to what you can actually get.
Getting groceries instead of going out for a nice dinner.
400
What is an opportunity cost?
An opportunity cost is the value of the next best choice.
When you choose to do one thing, its value (how much it is worth) is measured by the value of the next best choice.
400
Who is in Athena's right hand? (Usually is in most sculptures/paintings)
Nike
500
What are the three economic Q's?
What do we call these questions in economics?
●As a society (we) must figure out:
○WHAT to produce (make)
○HOW to Produce it (manufacture)
○FOR WHOM to Produce(who gets what)
500
What is cost benefit analysis?
●is weighing the marginal costs vs.the marginal benefits of producing an item or making any economic decision.
○If the benefit outweighs the cost, then the company will do it.
500
What are the three parts of the Production process?
○Factors of Production – what we need to make goods and services.
○Producer – company that makes goods and/or delivers services.
○Consumer – people who buy goods and services.
500
What are the 4 factors of production?
Land, Labor, Capital, ENTREPRENEURSHIP
500
What are the names of these 4 characters?
Leonardo
Raphael
Michelangelo
Donatello