Assignment 5: Jeopardy (25 notes)

Mr. Flores

Intro to Economics

KOBEKOBE GASOLGASOLFISHERFISHER ARIZAARIZA ODOMODOM

The most desirable alternative given up when you make a decision is ____. $100

The most desirable alternative given up when you make a decision is opportunity cost. Back to Game

Scarcity is the idea that… $200

Scarcity is the idea that we have limited resources to meet unlimited wants. Back to Game

A ______ ______ graph shows alternative ways to use an economy’s resources. $300

A production possibilities graph shows alternative ways to use an economy’s resources. Back to Game

________ is when an economy is using fewer resources that it is capable of using. $400

Underutilization is when an economy is using fewer resources that it is capable of using. Back to Game

_______ are actions performed for another. $500

Back to Game Services are actions performed for another.

______ are physical objects that can be exchanged. $100

Goods are physical objects that can be exchanged. Back to Game

_______ is paid effort that people devote to a task. $200

Labor is paid effort that people devote to a task. Back to Game

______ is use of resources in a way that maximizes output of goods and services. $300

Efficiency is use of resources in a way that maximizes output of goods and services. Back to Game

$400 Any resources that are made by humans to create other goods is called _____

Any resources that are made by humans to create other goods is called capital. Back to Game

$500 I make sports equipment and I decide to make fewer basketballs and more baseballs. According to the law of increasing costs, the cost of making baseballs will ______.

I make sports equipment and I decide to make fewer basketballs and more baseballs. According to the law of increasing costs, the cost of making baseballs will increase. Back to Game

“You can’t have everything you want” best summarizes the concept of______. $100

Back to Game “You can’t have everything you want” best summarizes the concept of scarcity.

Economics is mainly about _____.

Economic is mainly about Choices. Back to Game

$300 What provides the majority of income for most people?

Human Capital Back to Game

$400 The amount of skills and level of education a person has attained is called?

Human Capital Back to Game

$500 ____ ____ Is the line that shows the maximum possible efficiency.

Frontier line Is the line that shows the maximum possible efficiency. Back to Game

$100 The resources used to make all goods and services are the ____ ____ _______.

The resources used to make all goods and services are the Factors of Production. Back to Game

$200 _____ ____ ____ is the decision a country makes between spending money on health care or spending the same amount on protecting its borders.

Guns or Butter is the decision a country makes between spending money on health care or spending the same amount on protecting its borders Back to Game

$300 Help you determine some of the opportunity costs for your decision.

Decision-making grid. Back to Game

$400 ____, ____, and _____ are all part of factors of productions.

Land, labor, and capital are all part of factors of productions. Back to Game

$500 _____ is always and _____ is temporary.

Scarcity is always and Shortage is temporary. Back to Game

$100 Deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time.

Thinking at the margin. Back to Game

$200 Deciding on one thing over an other.

Trade-off Back to Game

$300 Production Possibilities graphs shows what three conditions?

Efficiency, Growth, and Cost Back to Game

$400 A population boom will result a production possibilities move?

Up and to the right. Back to Game

$500 Passing Mr. Flores’ Economic course is an example of what?

Yes, a Want and a Need. Back to Game