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7.1 Resources and Factors of Production
7.2 Scarcity and Decision Making
7.3 Costs and Decisions Facing Producers
7.4 Increasing Productivity
7.5 the Impact of Investment
100
Water is an example of this __________ Halo 3 is an example of this __________
What is a need? What is a want?
100
Mr. Brown wants steak every day. The economic concept that keeps Mr. Brown from eating steak every day is ________.
What is Scarcity?
100
Johnny knows that he just has to go to the movie premiere on Friday of Chuck Norris's newest movie. It will cost $14.00 for him to see it on opening night. It would cost him $8.00 if he waits for 2 weeks. If Johnny went to the movie premiere, he is providing an example of __________________________.
What is immediate gratification?
100
List three differences between factory work (and the assembly line) and cottage industry.
Answers will vary
100
The difference between capital goods and consumer goods.
Capital goods are those products used to make other goods or services. Consumer goods are those items purchased for final use by individuals, households and/or firms.
200
These are the four basic factors of production.
What are Land, Labor, Capital and Entrepreneurship?
200
The economic actor purchasing and/or receiving goods is known as _____________. The economic actor who makes or provides the goods and/or services is known as ___________.
What is Consumer? What is Producer?
200
The cost of producing "one more unit" is known as
What is marginal cost?
200
The application of scientific breakthroughs commerce and industry is known as __________________.
What is technology?
200
The U.S. Government maintains this, which is an estimate of the costs of goods that producers might purchase or sell.
What is Producer Price Index (PPI)?
300
The difference between labor and entrepreneurship
Labor is the contribution of human workers to the production process. Entrepreneurship consists of the creative, managerial, and risk-taking capabilities that are involved in starting up and running a business. Entrepreneurship is a type of labor, but labor is not a type of entrepreneurship.
300
Tom takes Melissa on a date to a varsity football game. Melissa wants a soda and nachos ($3.00). Tom wants for himself, a hot dog, nachos and a soda ($4.50). Tom only has $5.00. The steps on the decision making model to reach a decision.
Define the Problem List the alternatives State the Criteria Evaluate the Alternatives Make a Decision
300
The difference between wage and salary.
A wage is generally tied to the amount of hours worked or the amount of product produced. A salary is a set amount that the producer agrees to pay a laborer that is not tied to hours or specific production.
300
The differences between a unskilled worker and a skilled worker are . . .
Unskilled workers - workers whose jobs require minimal amounts of training and few specific skills. Skilled workers - workers whose jobs require greater training and more skill.
300
The opportunity cost of lost production can be found by comparing the ratio of this.
What is output versus input?
400
The definition of Productivity
What is the rate at which goods/services can be produced.
400
The difference between a trade-off and opportunity cost.
A trade-off is the act of giving up one thing of value to gain another. Opportunity cost is the value of the alternative option that is lost when one makes their decision.
400
__________ cost + ___________ cost = total cost
What is Variable cost + Fixed cost = total cost?
400
The differences between blue collar jobs and white collar jobs are: List an example of each.
Blue collar jobs are occupations that require manual labor White collar jobs typically do not.
400
Laborers invest to increase productivity. They do this by spending time, energy, and money on __________ and ____________.
What are education and training?
500
Define Capital
What is all the structures and equipment involved in the manufacturing process.
500
The three types of goals and their definitions are:
1. Short-term goal - 0 - 3 months 2. Intermediate goal - 3 months - a year 3. Long-term goal - A year or longer.
500
The definition of variable cost (with an example) and the definition of fixed cost (with an example).
Variable cost are costs that go up and down depending on how much is produced. An example would be lemonade at a lemonade stand. The more lemonade sold, the more lemonade materials will need to be bought. Fixed costs are costs that stay the same. An example would be the lemonade squeezer needed at a lemonade stand.
500
define robotics. define automation. define Agribusiness.
Robotics: What is machines that can be programmed to produce goods without the need for constant human interaction? Automation: What is the process of replacing human labor with machines? Agribusiness: What is the replacement of small, labor-intensive family-owned farms with larger, capital-intensive company-owned farms?
500
An example of the Law of Diminishing Returns.
What is too many chef's in a kitchen? Other examples may vary.