Fundamentals
Opportunity Cost & Trade-Offs
Economic Systems
Market Failure
Brain Rot
100
What is Economics?
The study of how people seek to satisfy their needs and wants by making choices.
100
Define opportunity cost.
The most desirable alternative somebody gives up as the result of a decision.
100
What is the oldest and simplest economic system?
Traditional Economy
100
Define the term 'market failure'
Market failure describes a specific situation in which the free market, operating on its own, does not distribute resources efficiently.
100
What shape is from McDonald's and purple?
Grimace
200
Describe the difference between needs and wants. Provide examples.
A need is something essential for survival; a want is something we desire but is not essential for survival.
200
Economists use the phrase "guns or butter" to describe the choice between spending money on _______ or _______.
military or domestic needs
200
An economic system in which resources are primarily owned and controlled by the private sector.
Free Market Economy
200
Define an externality.
an unintended consequence of an economic activity
200
What stare is this?
1000 yard stare
300
Identify the main factors of production used to make goods and services.
Land, labor, capital
300
Which point on the graph represent the point of impossibility?
Point X
300
Name the three basic economic questions.
What goods/services should be produced?
How should these good/services be produced?
Who consumes these goods/services?
300
How can a government reduce negative externalities?
increased taxes
300
Who is the inventor of rizz?
Duke Deniis
400
Economists divide capital into two types. Identify both and describe how they differ.
Physical Capital: human-made objects used to create other goods and services
Human Capital: the knowledge and skills a worker gains through education and experience
400
What does any spot on the production possibilities frontier represent?
Any spot on that line represents a point at which a business is using all of its resources to produce a maximum combination of guns and butter.
400
How are prices determined in a command economy?
Centrally planned
400
Distinguish between, and give examples of positive and negative externalities.
answers vary
400
My friend here _____ is cracked at fortnite my guy.
Justin
500
What resource becomes less scarce as a result of using a dishwasher every day?
Time
500
What is the opportunity cost of making 7 cupcakes?
Two donuts.
500
Name this German economist
Karl Marx
500
Why are externalities considered a sign of market failure?
Because the market has failed to assign the costs or benefit of a good or service properly.
500
What is the most Alpha brain rot?
Skibidi Toilet