So let’s practice! Apple has $10,000 left and has to decide to make iPods or Mac Computers: PointiPodsMacs A200 B181 C152 D113 E64 F05 How might this PPC look? Calculate the opportunity costs for iPods going from Point A to B, Point D to E, & Point B to F.

iPods Macs F E B A D C

THIS PRESENTATION HAS BEEN FORMATTED FOR YOUR TEST REVIEW: LACK OF STUDYING FOR THE TEST WILL RESULT IN ALEX TREBEK BEING DISAPPOINTED IN YOU… TRUST ME, YOU DO NOT WANT THAT TO HAPPEN

JEOPARDY RULES You will be divided into three teams. Each member of the team will take turns giving the solution. Once your host finishes reading the answer, the first person to raise their hand gets to state the answer for their team! The team with the most points in the end gets 5 bonus points; 3 bonus points for the team in second and 1 bonus point for third place.

LABOR MARKET UNEMPLOYMENT LABOR UNIONS ECONOMIC THEORY OPPORTUNITY COST

It is the minimum wage in the U.S. right now. $7.25 The Labor Market $200

It is a program that enables women and minority groups to attain equality in employment, education and business. Affirmative Action The Labor Market $400

It includes all people that are employed and unemployed. Labor Force or Workforce The Labor Market $600

How wages are determined; The wage at which workers needed equals the number of workers available. Equilibrium Wage The Labor Market $800

The workers’ point of view of labor; the skill and experience of the workers will affect their wages. Supply of Labor The Labor Market $1,000

It is the percentage of the workforce that is jobless but has been actively looking for work within the last month. The Unemployment Rate Unemployment $200

Unemployment due to seasonal work. Seasonal Unemployment Unemployment $400

It is the temporary unemployment of workers going from one job to the next. Frictional Unemployed Unemployment $600

People that are working in a job that’s below their skill level. Underemployment Unemployment $800

Under this government report, part time workers looking for full-time work would be included in the unemployment count. (But they aren’t!!) U6 Unemployment $1,000

This occurs when workers as a unit refuse to work… A Strike Labor Unions $200

Michigan became the 24 th state to pass this law in which workers do not have to join a union. The Right to Work Law Labor Unions $400

It’s a business in which an employer can only hire union workers. Closed Shop Labor Unions $600

It’s the process of negotiation between businesses and the organized employees to establish wages and improve work conditions. Collective Bargaining Labor Unions $800

This New Deal legislation set a minimum wage, required overtime pay for workers and banned child labor. The Fair Labor Standards Act Labor Unions $1,000

Food, water, shelter and clothing are all types of this. Needs Economic Theory $200

It’s the type of economics that looks at individuals, families and businesses. Microeconomics Economic Theory $400

It’s the benefit or satisfaction that you gain from use of a good or service. Utility Economic Theory $600

A person who makes goods is known as this. A Producer Economic Theory $800

This factor of production includes all physical resources made/used by people to produce and distribute goods and services. Capital Economic Theory $1,000

It’s when we have to give up something when making a choice. A Trade-Off Opportunity Costs $200

This law states that your utility will decrease as each additional unit is consumed. Law of Diminishing Returns (Marginal Utility) Opportunity Costs $400

It’s a process of analyzing the advantages and disadvantages of each available alternative to reach a decision. Cost-Benefit Analysis Opportunity Costs $600

It’s a trade off (the next best alternative) that has been given a value. Opportunity Cost Opportunity Costs $800

This is represented by the greatest combination of 2 goods a company can produce given the limits of the industry. The Production Possibility Curve Opportunity Costs $1,000

Draw a PPC for the following table AND determine the opportunity cost for computers. The U.S. government has $1 billion dollars to spend on either F-35 fighter jets or computers for schools… Calculate the opportunity costs for computers going from Point A to B, Point D to E, & Point C to F.

,200 1, Fighter Jets Computers (in thousands) PPC - EFFICIENCY UNDERUTILIZATION IMPOSSIBILITY