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Little Words
Big Ideas
Graphs & Curves
Miscellaneous
100
What is the difference between wants and needs?
A need is something needed for survival and a want is just something that is desired.
100
Please give an example of "opportunity cost"
a situation in which a decision was made when there were other favorable options not chosen
100
What kind of graph shows change over time
A line graph
100
What might have been any of the trade-offs for your amazing teacher tami to make this game last night instead of just doing a worksheet to review for the test?
Sleep, watching TV, walking her adorable dog, reading a book, talking on the phone, etc.
200
What is the word that refers to all physical objects/resources/products?
Goods
200
What is "capital"?
All the physical resources made and used to produce other goods.
200
What is the name for a curve that shows how to use an economy's resources (with two specific goods)?
Production Possibilities Curve
200
What does “land” mean in economics terms?
All the natural resources used to make goods and services
300
Please define "labor"
effort that people spend on tasks for which they are paid
300
What concept does the phrase "no free lunch" refer to?
The idea that every choice involves a cost of some sort.
300
Which direction does a production possibilities curve move if an economy is improving?
Right
300
Please name a famous entrepreneur (make sure you are clear on the definition of the word)
Bill Gates, Steve Jobs, Oprah Winfrey, etc.
400
Using examples of land, labor, and capital, please explain why economists believe that all goods and services are scarce.
Limited number of people, land, natural resources etc.
400
Please give an example of making a decision based on the "marginal" cost or benefit.
I could sleep one more hour and spend less time on this jeopardy game
400
Please give an example of something that might best be shown with a pie graph and explain why that is a good form for that data.
What percent of pizza we each ate so we now how much each person should pay. pie graph used to show parts of a whole.
400
Explain the concept of underutilization, including an example
using fewer resources than an economy is capable of using ex. we don't pump all the oil we could for environmental (and other) reasons
500
Please explain the concept of the "invisible hand"
People acting in their own best interest often leads to the improving the market for everyone.
500
Name three services that the government provides to citizens and explain some of the opportunity costs of providing these services
public education, well-kept roads, clean water costs = less money for military, lower government salaries
500
Please draw a production possibilities curve and explain what could make it shift to the left.
left = cost of land increases
500
Please define and give an example of all four factors of production
labor - human work hours land - all natural resources capital - all physical, man-made resources entrepreneurship - the ideas, skills, vision, etc.