assignment 5: jeopardy (25 notes) mr. flores intro to economics
TRANSCRIPT
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 ____.
$100
The most desirable alternative given
up when you make a decision is
opportunity cost.
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Scarcity is the idea that…
$200
Scarcity is the idea that we have limited resources to
meet unlimited wants. Back
toGame
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
toGame
________ 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.
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_______ are actions performed for another.
$500
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Services are actions performed
for another.
______ are physical objects that can be
exchanged.
$100
Goods are physical objects that can be
exchanged.
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_______ is paid effort that people devote to a
task.
$200
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.
$300
Efficiency is use of resources in a way
that maximizes output of goods and
services.
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$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
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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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$300
What provides the majority of income for most people?
Human Capital
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$400
The amount of skills and level of
education a person has attained is
called?
Human Capital
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$500
____ ____ Is the line that shows the maximum
possible efficiency.
Frontier line Is the line that shows the maximum possible
efficiency.
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$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.
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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
bordersBack
toGame
$300
Help you determine some of the
opportunity costs for your decision.
Decision-making grid.
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$400
____, ____, and _____ are all part
of factors of productions.
Land, labor, and capital are all
part of factors of productions.
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$500
_____ is always and _____ is temporary.
Scarcity is always and Shortage is
temporary.
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$100
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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$200
Deciding on one thing over an
other.
Trade-off
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$300
Production Possibilities
graphs shows what three
conditions?
Efficiency, Growth, and Cost
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$400
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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