Welcome to Who Wants to be a Millionaire 50:50 15 $1 Million 14 $500,000 Welcome to Who Wants to be a Millionaire 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Another Presentation © 2000 - All rights Reserved Mark E. Damon markedamon@hotmail.com

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

In economics, the BIG PROBLEMO is 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 In economics, the BIG PROBLEMO is 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 B: scarcity 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: shortage B: scarcity C: efficiency D: productivity

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Scarcity exists because wants and needs are 15 $1 Million 14 $500,000 13 Scarcity exists because wants and needs are $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 D: unlimited 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: distributed B: redistributed C: limited D: unlimited

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Shortage is __, but scarcity is ___. 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 Shortage is __, but scarcity is ___. 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 A: temporary, permanent 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: temporary, permanent B: individual, national D: microeconomic, macroeconomic C: an economic concept, an accounting concept

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Every choice has 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 D. costs 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 B: profits A: entrepreneurship D: costs C: interest

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Scarcity forces 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 C. choice 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: productivity B: entrepreneurship C: choice D: capital

You’ve Reached the $1,000 Milestone! Congratulations! Congratulations!

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

15 $1 Million 14 $500,000 The study of how individuals and nations choose to use scarce resources to produce goods and services to meet their wants and needs. 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 D. economics 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: microeonomics B: positive economics C: macroeconomics D: economics

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The cost of a choice measured in dollars and sense is the 15 $1 Million 14 $500,000 The cost of a choice measured in dollars and sense is the 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 A. Accounting cost 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: accounting cost B: true cost C: opportunity cost D: efficiency cost

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

To choose one thing over another is a/an: 15 $1 Million 14 $500,000 To choose one thing over another is a/an: 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 B. trade-off 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: opportunity cost B: trade-off C: marginal analysis D: true cost

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The factors of production: 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 The factors of production: 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 B. land, labor, capital, entrepreneurship, technology 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: land, labor, productivity, efficiency, technology B: land, labor, capital, entrepreneurship, technology C: land, labor, capital, interest, profit D: land, labor, rent, wages, profit

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

15 $1 Million The ability to start a new business, introduce a new product, or improve a technique (willingness to TAKE A RISK ): 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 C. entrepreneurship 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: technology B: efficiency C: entrepreneurship D: productivity

You’ve Reached the $32,000 Milestone! Congratulations!

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The value of the next best alternative to any choice : 15 $1 Million The value of the next best alternative to any choice : 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 C. Opportunity cost 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: trade-off B: profit C: opportunity cost D: productivity

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The “price-tag” on entrepreneurship is 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 The “price-tag” on entrepreneurship is 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 C. profit 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: rent B: wages & salaries D: research & development C: profit

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The use of science to develop new products or methods: 15 $1 Million The use of science to develop new products or methods: 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 B. technology $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: productivity B: technology C: research & development D: efficiency

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

The key to economic growth is 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 The key to economic growth is 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 A. productivity 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: productivity B: entrepreneurship C: capital D: technology

15 $1 Million 14 $500,000 13 $250,000 12 $125,000 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 1 $100

Economic growth is the key to 15 $1 Million 14 $500,000 13 $250,000 12 $125,000 Economic growth is the key to 11 $64,000 10 $32,000 9 $16,000 8 $8,000 7 $4,000 D. Higher standards of living 6 $2,000 5 $1,000 4 $500 3 $300 2 $200 50:50 1 $100 A: greater productivity B: increased efficiency C: research & development D: higher standards of living

YOU WIN $1 MILLION DOLLARS! More importantly, can you get 100 points when I quiz you on this material? If you think not, play again!