Terminology
The fundamental economic problem facing all societies
scarcity
True or False: Trading in Catan is a voluntary exchange that should make both players better off, similar to trade in a real market economy.
True
True or False: Scarcity only affect poor countries, not wealthy ones
False
In this type of economic system, the ownership of resources is mostly private, some public.
A mixed economy.
In "Born to Run," what core virtue motivated Springsteen to chase the "runaway American dream"?
Fortitude
The value of the next best alternative given up to obtain an item
opportunity cost
This term is used to describe what happens when a number of firms producing goods locate near one another, increasing productivity and producing positive externalities
agglomeration
What type of collar is associated with someone who wears business attire and works at a desk?
White collar
In this type of economic system, market forces (supply and demand) determine what is produced.
Capitalism
In Prefab Sprout's "Boys and Girls," this virtue is linked to Paddy McAloon's lyrics that when "Someone stops for directions, Something responds deep in our engines."
Compassion
This term means "everything else being equal"--and indicates a method used by economists to determine the effect of one economic variable on another, provided all other variables remain the same.
ceteris paribus
A player who focuses on producing brick and wood to build roads quickly, while trading for wheat and ore instead of trying to produce everything, is applying what economic concepts?
Specialization and comparative advantage.
Explain the distinction between deficits and national debt.
In this economic system, the role of the government is extensive, including regulation of industry and the provision of welfare.
Socialism
In "These are Days," 10,000 Maniacs lead singer Natalie Merchant sings that "These are the days you might fill with laughter until you break." She also implores you to "see the signs and know their meaning." What core virtue will you need to draw on to fulfill Natalie's call to live these days fully?
Wisdom
Ability or capacity of a good or service to be useful and give satisfaction to someone
utility
A player who settles primarily on high-probability numbers (like 6 and 8) near ore and wheat is positioning themselves to build cities efficiently. This reflects which factor of production most directly?
Land
What is widely used as a method for measuring inflation?
In this economic system the central government plans all production.
Communism
In "Hey Rusty," Lloyd Cole pleads with Rusty that he "just needs one friend," and that he left his white collar job to save his friendship with Rusty. What SPCHS core virtue is Lloyd struggling with?
Authenticity
Name the four factors of production.
Land, Labor, Capital, and Entrepreneurs
When the robber blocks a resource tile and prevents every player from collecting that resource, it most closely resembles what economic concept in the real-world?
A supply shock that creates scarcity of a resource.
What is the name of the fallacy that is associated with a decision to put good money after bad?
The sunk cost fallacy.
What economic system will you find in Sweden, Denmark, and Finland--the happiest countries on earth?
Socialism
In The Who's Baba O'Riley, Roger Daltrey sings, "Sally take my hand, We'll travel south 'cross land" to escape a "teenage wasteland." What SPCHS core virtue could this reflect?
Fortitude, Compassion, and/or Wisdom