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Scarcity, Choice, and Opportunity Costs
Production PossiblitiesCurve
Comparative and Absolute Advantage
Business Structures
Whadya know
100
According to one of the three basic economic assumptions, choices are based on this type of analysis.
What is marginal
100
By engaging in international trade, nations can effectively___________ their_________________
What is increase (shift right) their production possibility curve.
100

A country is said to have this when it can produce the most out put or require the least amount of input (resources).

What is Absolute advantage.

100

A business where you are the only employee

What is a sole proprietorship 

100
First person to hit the buzzer gets 100 free points

LETS GO!

200
If Yu decides to go to university instead of becoming a professional racer, his biggest opportunity cost is this.
What is the forgone salary from racing.
200

The reason for the Productions Possibility Curve being curved is....

What is increasing opportunity costs.

200
Countries will only trade if the exchange is
What is mutually beneficial.
200

A business structure that makes 90% of the money in this country

What is a corporation

200

How does specialization and FREE trade affect a countries ability consume/

What is you can overconsume your PPC

300

List 4 Factors of production.

What are land, labor, capital, entrepreneurship.

300

This is point that most likely represents the United States current production (inside the PPC line)

What is inefficient, because of high unemployment (inefficient use of resources).

300

Thailand can make 10 phones or 30 Ipads
Mexico can make 5 phones or 20 Ipads 


What is the opportunity cost of 1 phone for both Thailand and Mexico?

What is 

Thailand 10=30/10 1 phone = 3 Ipads

Mexico 5=20/5 1 Phone = 4 Ipads


300

A business structure with more than 1 person, usually two or three people as owners

What is a partnership 

300

Who does a tarrif hurt?

Who are domestic consumers and/or foreign business

400
If Mimi skip school to go to a basketball game, school and the game are considered this
What is a trade-off
400
Optimum allocation of resources occurs when this is achieved.
What is Marginal benefit equals marginal cost.
400

The US can make 50 phones or 25 t shirts

Canada can make 25 phones or 12.5 t shirts

Who has absolute and comparative advantage in which good?

What is the US has absolute advantage in both

Neither have a comparative advantage as opportunity cost is the same 

400

What business makes the most sense for this person, they have the skills to make cakes, but not the capital and want some control of the company

What is a partnership

400

Who does a tarrif help?

Who are domestic businesses

500

A grass football field outside is an example of what kind of capital

What is physical capital 

500

When we move from on the PPC line to outside of it we went from ______ to ______

what is efficient to unattainable
500

What is fair terms of trade in terms of cars 

US     10 cars or 15 bicycles

China 10 cars or 20 bicycles

What is 1 car for 1.75 bicycles

500

List 3 different business structures

what is entrepreneurship, partnership, and corporation

500

What is fair terms of trade in terms of cars 

US     15 cars or 15 bicycles

China 10 cars or 20 bicycles

What is 1 car for 1.5 bicycles