2. Economics (H) Chapter 1 Review Game

3. Factors of Production Production Possibilities Goods & Services Productivity & Growth Value & Wealth MISC 10 20 30 40 50 60 70 80 90 (90)90 100 (100)100

4. A1 List all four Factors of Production: LAND, LABOR, CAPITAL, and ENTREPRENEURS

5. A2 Equipment used in production. CAPITAL

6. A3 Human resources that serve as productive contributions in the economy. LABOR

7. A4 Encompasses all the non- human gifts of nature, including timber, water, fish, and fertility. LAND

8. A5 Involves human resources that perform the functions of organizing, managing, and assembling the other factors of production to make business ventures. Entrepreneur

9. A6 Why are Entrepreneurs so vital to a Free Enterprise Economy? They bring new products and production methods.

10. A7 The money used to buy the tools and equipment used in production. Financial Capital

11. A8

12. A9

13. A10

14. B1 A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed. PPF

15. B2 Draw a Production Possibilities Frontier on the board Label all parts.

16. B3 Production Possibilities Frontier Fully Employed Resources? A B C B

17. B4 Production Possibilities Frontier A B C Cost of Idle Resources? A

18. B5

19. B6 Production Possibilities Frontier A B C Impossible Production? C

20. B7 Production Possibilities Frontier Economic Growth (Draw) 2 nd Line

21. B8 Production Possibilities Frontier W Opportunity Cost of W to Z? 1 more B – 5 less A Z 10 5 A B12

22. B9 Production Possibilities Frontier W Opportunity Cost of Z to W? 5 more A – 1 less B Z 10 5 A B12

23. B10

24. C1 Economic product that is economically useful or satisfies an economic want. GOOD

25. C2 Economic product that is performed for someone SERVICE

26. C3 Markets where producers sell their goods and services to consumers. Products Market

27. C4 Any good that lasts less than three years. Non-Durable

28. C5 Good that is intended for final use by an individual. Consumer Good

29. C6 Any good that lasts more than three years. Durable

30. C7 Good that is used to produce other goods and services. Capital Good

31. C8 Person who uses goods and services to satisfy wants and needs Consumer

32. C9 Provide an example of a CAPITAL GOOD: Answers will vary

33. C10

34. D1 Measure of the amount of output produced by a given amount of inputs in a specific period of time. Productivity

35. D2 This occurs when a nation’s total output of goods and services increases over time. Economic Growth

36. D3 In order to increase productivity, what must happen first? Improve Efficiency (More Output with same Input)

37. D4 If you were a manager in a factory, what might be two ideas to improve productivity? (2) Division of Labor or Specialization

38. D5 This takes place when factors of production perform tasks relatively more efficiently. Specialization

39. D6 This takes place when work is arranged so that individual workers do fewer tasks than before. Division of Labor

40. D7 In order to improve productivity, what can a business do? Offer job training and motivation

41. D8 Markets where productive resources are bought and sold. Factors Market

42. D9 The sum of the skills, abilities, health, and motivation of people. Human Capital

43. D10

44. E1 Refers to a worth that can be expressed in dollars and cents. VALUE

45. E2 The capacity to be useful and provide satisfaction. UTILITY

46. E3 The accumulation of those products that is tangible, scarce, useful, and transferable from one person to another. WEALTH

47. E4 What impact does SCARCITY have on VALUE? The more scarce, the higher the value

48. E5 Explain why the price of a necessity like water is so low: Even though a necessity, water is NOT scarce.

49. E6 Explain: The Paradox of Value Some necessities have little monetary value, while some non-necessities have a high monetary value.

50. E7 In order for an item to have VALUE, what must it have? Must be both Scarce and have Utility.

51. E8 What is the difficulty in measuring UTILITY? The utility of a good will vary from one person to another.

52. E9

53. E10

54. F1 Basic requirement for survival and includes food, clothing, and shelter. NEED

55. F2 A way of thinking about a problem that compares the costs of an action to benefits received. Cost-Benefit Analysis

56. F3 Study of how people try to satisfy what appears to be seemingly unlimited wants with limited resources. Economics

57. F4 Alternative Choices Trade-Offs

58. F5 The dollar value of all final goods and services produced within a country’s borders in a year. Gross Domestic Product

59. F6 All parts of the economy rely on each other for success or failure. Economic Interdependence

60. F7 The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. Opportunity Cost

61. F8 An economy in which consumers and privately owned businesses, not government, make the decisions. Free-Enterprise Economy

62. F9 The quality of life based on the possession of the necessities and luxuries that make life easier. Standard of Living

63. F10

64. Interpreting Maps