Miscellaneous

600 What is the difference between a good and a service?

800 Why are diamonds so valuable?

1000 You receive a free public education. Describe why your education is not really free (even if your parents refuse to pay their taxes – I am not suggesting this is the case!)

The Economic Problem

200 Economics is all about this?

400 Scarcity means this.

600 What types of productive resources are there?

800 What is the economic problem?

1000 What 3 questions do all economies have to answer?

Economic Theory

200 Compare and contrast positive economic statements with normative economic statements

400 Economics assumes these 4 things about decision makers

600 Name the economic theory that describes how the market works (hint: it shows it in a diagram)

800 Economics is a social science because it utilizes this method.

1000 Explain what macroeconomics and microeconomics study.

Opportunity Cost and Choice

200 An opportunity cost is the value of your forgone this.

400 When you have incurred a cost which you cannot recover you have incurred a this cost.

600 Using marginal analysis you should not make a change if the marginal cost outweighs this.

800 Rational decision makers will change the status quo as long as __________.

1000 DAILY DOUBLE

Explain how your opportunity cost changes with the following scenario. –I will watch a movie rather than study for my exam. 1.The week before the final 2.The day before the final

Application

200 Name 1 productive resource in each category that would be used for this product

400 Name that statement –New York City’s unemployment rate fell faster in August than in any month on record, to 7.3 percent from 7.8 percent in July, the State Labor Department reported on Thursday.

600 Name that simplifying assumption When price increases the quantity supplied will increase

800 Name that simplifying assumption I like to buy winter clothes in the summer because they are less expensive.

1000 DAILY DOUBLE

I am looking to buy a new car. In order to do so I have gotten online quotes, visited dealerships, and read through consumer reports. What scarce resources have I used even before I spend my money to buy a car.

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FINAL JEOPARDY MARCY’S PRODUCTIONGLORIA’S PRODUCTION Time Used# books cataloged # books shelved Time Used# books catalogued # books shelved 2 hrs5002 hrs hrs03006hrs Who should specialize in what? 2. If each person specializes how many books can be cataloged and shelved?