Econ#1 Econ#2 Econ#3 Econ#4 Econ#5 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

Economics is the study of this $100 Economics is the study of this

$100 Scarcity

Name and describe one factor of production $200 Name and describe one factor of production

Land, labor, capital, or entrepreneurship $200 Land, labor, capital, or entrepreneurship

The next-best alternative to a choice $300 The next-best alternative to a choice

$300 Opportunity cost

The cost of an additional unit $400 The cost of an additional unit  

$400 Marginal cost

Name one thing that can be learned from a PPC $500 Name one thing that can be learned from a PPC

How much of 2 resources that can be produced… $500 How much of 2 resources that can be produced…

These are always unlimted $100 These are always unlimted

$100 Wants

Term for using resources ineffectively $200 Term for using resources ineffectively

$200 Underutilization

Term for hands off approach $300 Term for hands off approach

$300 Laissez faire

$400 Economic system based on private ownership of the factors of production  

$400 Capitalism

Social Security is an example of this $500 Social Security is an example of this

$500 Transfer payment

$100 When people who are not part of a marketplace interaction benefit from it or pay part of its costs

$100 Market failure

North Korea is an example of this type of economy $200 North Korea is an example of this type of economy

$200 Command

He stressed that the working class would overthrow capitalism $300 He stressed that the working class would overthrow capitalism

$300 Karl Marx

$400 The ability of everyone to enter and compete in the marketplace by free choice

$400 Open opportunity

$500 Side effect of a product that affects someone other than the producer/buyer

$500 Externality

In economics, guns refers to___ and butter to ____ $100 In economics, guns refers to___ and butter to ____

Military goods and consumer goods $100 Military goods and consumer goods

Cost-benefit analysis means… $200 Cost-benefit analysis means…

Do something only if the MB>MC $200 Do something only if the MB>MC

Benefits that encourage people to act in certain ways $300 Benefits that encourage people to act in certain ways

$300 Incentives

One thing we can learn from the circular flow model is $400 One thing we can learn from the circular flow model is

$400 Relationship between households and businesses; Relationship between product market and factor market

The three economic questions are: $500 The three economic questions are:

$500 1. What and how much to produce? 2.How will it be produced? 3. For whom will it be produced?

$100 Shows how society uses resources to satisfy people’s wants; can vary from country to country

$100 Economic system

Money left after production costs are subtracted from revenue $200 Money left after production costs are subtracted from revenue

$200 Profit

$300 Government may pay part of the cost of something that has the potential to benefit the public as a whole

$300 Subsidy

$400 Person who avoids paying for a good or service but is able to benefit from that good/service

$400 Free rider

Economic system that focuses on family and is based on customs $500 Economic system that focuses on family and is based on customs

$500 Traditional economy