1. Welcome To
Big Board Facts

2. Today's
Topics
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3. Vocab
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4. Test
Questions
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5. Vocab 2
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6. Vocab 3
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7. True/False
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8. Big Board Facts
Vocab 5 10 15 20 25
Test Questions 5 10 15 20 25
Vocab 2 5 10 15 20 25
Vocab 3 5 10 15 20 25
True/False. 5 10 15 20 25
Team Scores
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Big Points
Question
Team Two
Team Four
Team Six

9. Vocab Question for 5 Points
Tool, equipment, or other manufactured good used to produce other goods and services.
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10. Vocab
Answer for 5 Points
Capital good
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11. Vocab Question for 10 Points
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
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12. Vocab
Answer for 10 Points
Opportunity Cost
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13. Vocab Question for 15 Points
Meeting Place or Arrangement through which buyers and sellers interact to determine price and quantity of an economic product.
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14. Vocab
Answer for 15 Points
Market
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15. Work or labor performed for someone.
Vocab
Question for 20 Points
Work or labor performed for someone.
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16. Vocab
Answer for 20 Points
Service
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17. Vocab Question for 25 Points
Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.
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18. Vocab
Answer for 25 Points
Good
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19. Test Questions Question for 5 Points
What is the money businesses receive from households in a Product Market?
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20. Test Questions
Answer for 5 Points
Revenue
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21. Test Questions Question for 10 Points
In the Circular Flow Model of Economics, what is the money households receive from businesses in the Factor Market?
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22. Test Questions
Answer for 10 Points
Wages
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23. Test Questions Question for 15 Points
Sum of those economic products that are tangible, scarce, useful, and transferable.
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24. Test Questions
Answer for 15 Points
Wealth
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25. Test Questions Question for 20 Points
Condition of not having enough resources to produce all the things people want.
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26. Test Questions
Answer for 20 Points
Scarcity
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27. People with all their efforts, abilities, and skills.
Test Questions
Question for 25 Points
People with all their efforts, abilities, and skills.
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28. Test Questions
Answer for 25 Points
Labor
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29. Alternative choices made by consumers in the marketplace.
Vocabulary 2
Question for 5 Points
Alternative choices made by consumers in the marketplace.
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30. Vocabulary 2
Answer for 5 Points
Trade-offs
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31. Vocabulary 2 Question for 10 Points
Diagram representing various combinations of goods and/or services that an economy can produce when all productive resources are fully employed.
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32. Production Possibilities frontier
Vocabulary 2
Answer for 10 Points
Production Possibilities frontier
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33. Vocabulary 2 Question for 15 Points
Economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions.
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34. Free Enterprise Economy
Vocabulary 2
Answer for 15 Points
Free Enterprise Economy
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35. Vocabulary 2 Question for 20 Points
Way of expressing a need that leads to a preference for some goods over others.
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36. Vocabulary 2
Answer for 20 Points
Want
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37. Vocabulary 2 Question for 25 Points
Group of people ultimately determines the products that a free enterprise economy produces
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38. Vocabulary 2
Answer for 25 Points
Consumers
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39. Vocabulary 3 Question for 5 Points
Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of ________.
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40. Economic Independence
Vocabulary 3
Answer for 5 Points
Economic Independence
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41. Market where productive resources are bought and sold.
Vocabulary 3
Question for 10 Points
Market where productive resources are bought and sold.
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42. Vocabulary 3
Answer for 10 Points
Factor Market
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43. Vocabulary 3
Question for 15 Points
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44. Vocabulary 3
Answer for 15 Points
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45. Vocabulary 3
Question for 20 Points
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46. Vocabulary 3
Answer for 20 Points
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47. Vocabulary 3
Question for 25 Points
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48. Vocabulary 3
Answer for 25 Points
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49. Opportunity cost is the first choice that one chooses and goes with.
True/False
Question for 5 Points
Opportunity cost is the first choice that one chooses and goes with.
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50. Answer for 5 Points False
Test Questions
Answer for 5 Points
False
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51. A rational choice is one where the cost outweighs the benefit.
True/False
Question for 10 Points
A rational choice is one where the cost outweighs the benefit.
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52. Answer for 10 Points False
True/False
Answer for 10 Points
False
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53. Question for 15 Points True/False
A market is an arrangement that allows buyers and sellers to exchange things.
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54. True/False
Answer for 15 Points
True
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55. Question for 20 Points True/False
When manufactured goods are used to produce other goods and services, they are called capital goods.
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56. True/False
Answer for 20 Points
True
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57. Question for 25 Points True/False
Economics is a social science that studies the choices made while coping with scarcity.
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58. True/False
Answer for 25 Points
True
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59. The "Big Points"
Question
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60. 25 10 9 11 12 14 13 8 7 3 2 4 5 15 6 1 17 26 24 27 28 30 29 16 23 18 22 19 20 21
“Big Points”
Question
The sum of all goods and services produced within the borders of a country on a per person basis.
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61. Big Points Answer for Big Points GDP per capita
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