Team 1
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Team 2
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Teams
Name
Score
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15
×
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
traditional
Oops!
Check
Okay!
Check
10
×
an economic system where the individuals/businesses answer the economic questions
free market
Oops!
Check
Okay!
Check
×
baam
Lose 20 points!
Oops!
×
rocket
Go to first place!
Okay!
×
rocket
Go to first place!
Okay!
×
banana
Go to last place!
Oops!
25
×
believed some government regulation would eventually cause entire government control in society
Friedrich Hayek
Oops!
Check
Okay!
Check
10
×
best alternative not chosen
opportunity cost
Oops!
Check
Okay!
Check
25
×
believed that the government should intervene during down times (depression/recession) in the economy.
believed that the government should intervene during down times (depression/recession) in the economy.
Oops!
Check
Okay!
Check
10
×
economic system where the people and the government answer the economic questions
mixed
Oops!
Check
Okay!
Check
15
×
The three economic questions
what, how, and for whom
Oops!
Check
Okay!
Check
×
heart
Other team wins 15 points!
Oops!
×
gift
Win 25 points!
Okay!
×
shark
Other team loses 20 points!
Okay!
×
baam
Lose 20 points!
Oops!
×
seesaw
Swap points!
Oops!
×
magnet
Take 5 points!
Okay!
×
fairy
Take points!
5
10
15
20
25
×
thief
Give points!
5
10
15
20
25
15
×
The tools, equipment, machinery, and factories used in the production of goods and services. (be specific)
physical capital
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Check
Okay!
Check
15
×
An economic system in which the government controls a country's economy.
command
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Okay!
Check
10
×
the effort directed toward producing goods and services
labor
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Check
Okay!
Check
15
×
Factor of production that includes knowledge/training (be specific)
human capital
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Check
Okay!
Check
5
×
Giving up one thing for another, decision
trade off
Oops!
Check
Okay!
Check
10
×
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
scarcity
Oops!
Check
Okay!
Check
×
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