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5
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is the utilization of a good or a service for one's very own satisfaction.
Consumption
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5
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It is the foregone value of the next best alternative, the value of things we give up.
Opportunity Costs
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5
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is compensation quoted on a monthly or annual basis.
Salary
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5
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What Factor of Production is this?
Land
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thief
Give points!
5
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15
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25
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star
Double points!
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fairy
Take points!
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25
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baam
Lose 25 points!
Oops!
5
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is an economic level at which the economy can no longer produce additional amounts of good without lowering the production level of another product.
Product Efficiency
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5
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is when resources are allocated in the most efficient manner.
Full Production
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5
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What are the 3 Main Concerns of Economics?
1. Production 2. Distribution 3. Consumption
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5
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is when the available Human resources are being maximized efficiently.
Full Employment
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5
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What are the 4 Factors under Production?
1. Land 2. Labor 3. Capital 4. Entrepreneurial Ability
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lifesaver
Give 5 points!
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rocket
Go to first place!
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fairy
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banana
Go to last place!
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5
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is an increase in the capacity of an economy to produce goods and services.
Economic Growth
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heart
Other team wins 20 points!
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gold
Win 50 points!
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shark
Other team loses 15 points!
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thief
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5
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The imbalance between human needs and wants and the means of satisfying them.
Scarcity
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5
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The total satisfaction received from consuming a good or service.
Utility
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5
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What are the 2 kinds of Capital mentioned by the reporter?
Physical Capital and Human Capital
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