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25
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Give an example of what each factor of production might be in the production of tires.
Rubber, Machine, workers, company owner
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15
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What is it called when one weighs the cost and benefits of an economic decision?
Marginal Analysis
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10
×
Unlimited needs and wants combined with limited resources create what condition?
Scarcity
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10
×
What governments are command economies associated with?
Socialist or Communist
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lifesaver
Give 25 points!
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magnet
Take 25 points!
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rocket
Go to first place!
Okay!
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baam
Lose 25 points!
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lifesaver
Give 25 points!
Oops!
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shark
Other team loses 25 points!
Okay!
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shark
Other team loses 20 points!
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thief
Give points!
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25
5
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What is Capital?
Any human-made resource that is used to create other goods and services.
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5
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What is land?
All of the natural resources that are used to produce goods and services.
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20
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What are the benefits of "specialization?"
Expertise, Efficiency, Education
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20
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What does the production possibilities graph show?
alternative ways to use an economyâs productive resources
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10
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In a Free Market system, who answers the economic questions?
Business Owners and Individuals
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15
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In which economic system is equality nearly impossible to achieve?
Free Market
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20
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Name all 4 factors of production
Land, Labor, Capital, Entrepreneur
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banana
Go to last place!
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gold
Win 50 points!
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gift
Win 15 points!
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thief
Give points!
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25
10
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What is a public good?
a shared good or service for which it would be inefficient or impractical
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5
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What is a Market?
The mechanism to buy and sell things
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