3. Are You Smarter Than a 5 th Grader?

5. 15 Total Points Basic Economics Economic Vocabulary Economic Questions Factors of Production Opportunity Cost PPC Economic Systems “The Invisible Hand” Trade-Offs Circular Flow Model

6. Return Basic Economics Round #1

7. Basic Economics ____ Economics is the study of: / a. financial socioeconomics / b. industrial waste / c. scarcity / d. neurological consumerism ____ Economics is the study of: / a. financial socioeconomics / b. industrial waste / c. scarcity / d. neurological consumerism

8. Return Answer: C. Scarcity

9. Basic Economics #2 / What information is needed to make a decision at the margin? / a. opportunity costs / b. cost to produce each unit / c. more than three alternatives / d. factors of production / What information is needed to make a decision at the margin? / a. opportunity costs / b. cost to produce each unit / c. more than three alternatives / d. factors of production

10. Return Answer: b. Cost to produce each unit

11. Return Economic Questions Round #2

12. Economic Questions The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____ To produce. The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____ To produce.

13. Return Answer: What, how, and for whom?

14. Economic Questions #2 How does a society determine who will get what is produced? / a. by its distribution of income / b. by factor payment amounts / c. by its needs and wants / d. by economic equity How does a society determine who will get what is produced? / a. by its distribution of income / b. by factor payment amounts / c. by its needs and wants / d. by economic equity

15. Return Answer: C. By its needs and wants

16. Return Opportunity Cost Round #3

17. Opportunity Cost / By choosing to come to school this morning instead of sleeping in, what was the opportunity cost of this decision?

18. Return Answer: Sleeping in

19. Opportunity Cost #2 / The two choices that someone must ultimately pick one of the two of these options is called the: / A. Decision set / B. Opportunity Cost / C. Opportunity Lost / D. Opportunity set / The two choices that someone must ultimately pick one of the two of these options is called the: / A. Decision set / B. Opportunity Cost / C. Opportunity Lost / D. Opportunity set

20. Return Answer: d. Opportunity Set

21. Return Economic Systems Round #4

22. Economic Systems / In which economy does the government have ALL the authority?

23. Return Answer: Command Economy

24. Economic Systems #2 Which of the following is a market economy? / a. Cuba / b. United States / c. The Sioux Nation (1850) / d. The Inuit Which of the following is a market economy? / a. Cuba / b. United States / c. The Sioux Nation (1850) / d. The Inuit

25. Return Answer: b. United States

26. Economic Systems #3 Which of the following is a traditional economy? / a. Canada / b. France / c. The Inuit / d. United States

27. Return Answer: The Inuit

28. Return Trade-Offs Round #5

29. Trade-Offs Why does every decision involve trade-offs? / a. Everyone has to make decisions. / b. Incomes are not equal. / c. Resources are limited. / d. Decisions are all different. Why does every decision involve trade-offs? / a. Everyone has to make decisions. / b. Incomes are not equal. / c. Resources are limited. / d. Decisions are all different.

30. Return Answer: C. Resources are limited

31. Return Economic Vocabulary Round #6

32. Economic Vocabulary An economy that is producing the maximum amount of goods and services is considered: / a. underutilized / b. unemployed / c. In financial trouble / d. efficient An economy that is producing the maximum amount of goods and services is considered: / a. underutilized / b. unemployed / c. In financial trouble / d. efficient

33. Return Answer: D. Efficient

34. Return Factors of Production Round #7

35. Factors of Production Name the four factors of production:

36. Return Answer: Land, Labor, Capital and Entrepreneur Answer: Land, Labor, Capital and Entrepreneur

37. Return PPC Round #8

38. Production Possibilities (PPC) A point on a production possibility curve below the frontier indicates: / a. future possibilities / b. efficiency / c. underutilization / d. peak performance A point on a production possibility curve below the frontier indicates: / a. future possibilities / b. efficiency / c. underutilization / d. peak performance

39. Return Answer: C. Underutilization

40. Return “The Invisible Hand” Round #9

41. Production Possibilities (PPC) Who Coined the term “The Invisible Hand”?

42. Return Answer: Adam Smith

43. Return Circular Flow Model Round #10

44. Circular Flow Model Money flows from firms to households in the form of __________.

45. Return Answer: Wages

46. Return Free is a very good price! Tie Breaker Question

47. Free is a very good price! Tie breaker Rules: First person from a team to raise hand will be called on…… What does TINSTAAFL stand for? Tie breaker Rules: First person from a team to raise hand will be called on…… What does TINSTAAFL stand for?

48. Return Answer: There is no such thing as a free lunch! Answer: There is no such thing as a free lunch!

49. / Study for your Unit One Assessment! / You can use a 3x5 note card for notes on the test (front and back) Thanks For playing…..