What is Economics
Factors of Production
Opportunity Costs & Trade-offs
Economic Systems
Basic Economic Questions & PPC
100
This term means the study of how people make choices to satisfy wants and needs.
What is economics
100
This factor includes natural resources like land, water, and raw materials.
What is land
100
The next best alternative you give up when making a decision.
What is opportunity cost
100
An economy where people follow customs and traditions.
What is a traditional economy
100
What are the three basic economic questions?
What to produce, how to produce, for whom to produce?
200
A condition where unlimited wants exceed limited resources.
What is scarcity
200
This factor includes human effort, both physical and mental.
What is labor
200
If you spend $10 on a movie instead of saving it, what is the opportunity cost?
Saving the $10 (or the interest/other use of it)
200
In this system, the government makes all decisions
What is a command economy
200
A curve that shows possible production combinations of two goods.
What is a production possibilities curve (PPC)
300
Give an example of a need and a want.
Accept any correct pair
300
Tools, machinery, and buildings fall under this category.
What is capital
300
Describe a trade-off you make when you decide to study instead of going out.
(Accept reasonable answers: fun/social time)
300
This type of economy has different types of economies.
What is a mixed economy
300
A point inside the PPC represents this.
What is underutilization
400
Choosing between two options always involves this economic concept.
What is opportunity cost
400
This person organizes the other factors and takes business risks.
What is an entrepreneur
400
True or False: All opportunity costs involve money.
False
400
Match this country to its economy: Cuba.
What is a command economy
400
A shift outward of the PPC represents this.
What is economic growth
500
Explain the difference between scarcity and a shortage.
Explain the difference between scarcity and a shortage.
500
Match this to the correct factor: A chef working in a restaurant.
What is labor?
500
Analyze this: You have $50. You buy concert tickets instead of shoes. What’s your opportunity cost and trade-off?
Opportunity cost = shoes;
Trade-off = entertainment vs. necessity
500
List two advantages and two disadvantages of a market economy.
Adv: freedom, efficiency; Disadv: inequality, instability
500
Explain the opportunity cost of moving from Point A to Point B on a PPC.
What is 30 Robots