Show:
Scarcity & Economics
Basic Economic Concepts
Choices & Decision Making
Ch 1 Review
Just for Fun
100
Condition that results from society not having enough resources to produce all the things people would like to have
What is scarcity
100
Work that is performed by someone
What is a service?
100
Alternative choices
What are trade-offs?
100
The study of how people satisfy unlimited wants with limited resources
What is Economics?
100
The number of snow days we have had
What is 11?
200
Basic requirement for survival and includes food, clothing, and shelter
What is a need?
200
Goods intended for use by individuals
What is a consumer good?
200
Cost of the next best alternative use
What is opportunity cost?
200
Also known as GDP
What is Gross Domestic Product
200
The names of Mrs. Keehn's children
What are Rylee and Aaden
300
These are the three basic economic questions
What is What to produce, How to produce, and For Whom to produce?
300
Goods used to produce other goods
What are capital goods?
300
A location where buyers and sellers can meet to exchange products
What is a market?
300
Sum of all skills, abilities, health, and motivation of people
What is human capital?
300
The name of one of the games Mrs. Keehn got for the Wii
What is African Safari, Medieval Games, Winter Olympics, or Voyage of Discovery
400
The factors of production
What are land, labor, capital, and entrepreneurs
400
Capacity to be useful
What is utility?
400
Shows the various combinations of output that can be produced
What is a production possibilities frontier?
400
People who devise new products and methods of delivery
What is an entrepreneur?
400
Latimer, Hampton, and Belmond have this in common for Mrs. Keehn
What is tanning?
500
An item that is useful and satisfies a want
What is a good?
500
When workers do fewer tasks than before
What is the division of labor?
500
Making a decision in small stages or steps so that the decision can be reversed without too much being lost.
What is incremental decision making?
500
Because they are intangible and it is difficult to measure their value accurately, economists do not measure the value of __________
What is services?
500
The name of the Presidential candidate Mrs. Keehn worked for in 2008
Who is Mitt Romney?