Basic ECON
Concept of unlimited needs and wants, but limited resources.
What is scarcity?
This measures the various combinations of possibilities.
What is PPC?
Allows for government, businesses, and consumers to make economic decisions.
What is a mixed economy?
Something we must have for survival.
What is a need?
You took a risk.
+100
Is a physical product that is produced.
What is a "good?"
A point of efficiency.
What is a point on the curve?
Customs/rituals allow for what, how, and for whom to produce.
What is a traditional economy?
A resource that comes from nature.
What is land?
Are you sure this was the right move?
-200
Is an action provided by a person or business.
What is a "service?"
A point of inefficiency or underutilized resources.
What is a point under the curve?
The government decides what, how, and for whom to produce.
What is a command economy?
A resource that depends on your skills as a worker.
What is labor?
Again with the risk-taking?
-300 from any team
The concept of giving something up to gain something.
What is opportunity cost?
A change in resource quantity/quality, a change in trade, or a technology change.
What causes the PPC to shift?
Supply and demand run the economy.
What is a market economy?
A cell phone can be classified as this.
What is a "want?"
Wow, you just won't stop taking risks.
+400
The 3 fundamental economic questions due to scarcity.
What is 'what, how, for whom to produce?'
Moving from one point to another on the PPC is a representation of this.
What is opportunity cost?
The United States is an example of this.
What is a Mixed Economy?
Someone who takes a risk to start a business.
What is an entrepreneur?
Eek! This was not a good decision.
-500 from every team