Assignment 5: Jeopardy (25 notes) Mr. Flores Intro to Economics

Assignment 5: Jeopardy (25 notes)

Mr. Flores

Intro to Economics

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The most desirable alternative given up

when you make a decision is ____.

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The most desirable alternative given

up when you make a decision is

opportunity cost.

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Scarcity is the idea that…

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Scarcity is the idea that we have limited resources to

meet unlimited wants. Back

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A ______ ______ graph shows

alternative ways to use an economy’s

resources.

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A production possibilities graph shows alternative

ways to use an economy’s resources. Back

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________ is when an economy is

using fewer resources that it is capable of using.

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Underutilization is when an economy

is using fewer resources that it is capable of using.

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_______ are actions performed for another.

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Services are actions performed

for another.

______ are physical objects that can be

exchanged.

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Goods are physical objects that can be

exchanged.

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_______ is paid effort that people devote to a

task.

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Labor is paid effort that people devote

to a task.

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______ is use of resources in a way

that maximizes output of goods and

services.

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Efficiency is use of resources in a way

that maximizes output of goods and

services.

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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

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$500I 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.

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“You can’t have everything you want” best summarizes the

concept of______.

$100

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“You can’t have everything you want” best

summarizes the concept of scarcity.

Economics is mainly about _____.

Economic is mainly about Choices.

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What provides the majority of income for most people?

Human Capital

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The amount of skills and level of

education a person has attained is

called?

Human Capital

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____ ____ Is the line that shows the maximum

possible efficiency.

Frontier line Is the line that shows the maximum possible

efficiency.

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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.

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$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

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Help you determine some of the

opportunity costs for your decision.

Decision-making grid.

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____, ____, and _____ are all part

of factors of productions.

Land, labor, and capital are all

part of factors of productions.

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_____ is always and _____ is temporary.

Scarcity is always and Shortage is

temporary.

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Deciding whether the benefit of working two extra hours per day is worth the sacrifice of

study time.

Thinking at the margin.

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Deciding on one thing over an

other.

Trade-off

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Production Possibilities

graphs shows what three

conditions?

Efficiency, Growth, and Cost

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A population boom will result a production

possibilities move?

Up and to the right.

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$500

Passing Mr. Flores’ Economic

course is an example of what?

Yes, a Want and a Need.

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