Sides Game

Economics is the study of

The fundamental economic problem is One word

2 characteristics of scarce resources

Value of the forgone alternative

Simplified constructs of reality, usually graphs, are called

3 economic questions

Analysis at the “one additional unit” level

What is this?

Point to a productively efficient point.

This PPC demonstrates the principle of ______ ______ cost

This one shows ______ opportunity cost.

Which type is this?

Point to a productively efficient point where only ONE good or service is being produced.

Name something an economist would count in the “cost” of college that an accountant would not.

The BEST producer of a good has the

Point to a point of unemployment.

The producer with the lowest opportunity cost has the

Names the 4 factors of production

Good used in the production of other goods are called

Oil is an example of which input?

North Korea has a nearly pure ___________ economy

US falls on this side of the economic systems spectrum

Points outside the PPC are

Points inside the PPC are

Italy’s Opp. Cost for 1 freezer

Marginal Utility/Benefit Increases or decreases

Investment in ____ will cause a future rightward shift of the PPC

Opp. Cost of B to C A B C

In the circular flow model, what do households sell? 4 answers required

Currently, do net exports represent an injection or a leakage?

Give an example of an injection into the circular flow model.

From which point would an single unit increase in dog production have the greatest opportunity. Cats B A Dogs