Intro to economics

Intro to economics

Multiple Choice

What is the definition of a need?

• Something you would like to have but will be okay without it

• Something you truly can't live without

• None of the above

Multiple Choice

What is the definition of a want?

• Something you would like too have but will be okay without it.

• Something you truly can't live without.

• None of the above

Multiple Choice

Which is Starbucks?

• Need

• Want

• Both

Multiple Choice

An iPhone 11 is....

• a need

• a want

• both

Multiple Choice

Water to drink is an example of...

• a want

• a need

Poll

What are some choices competing for your income?

• clothes

• Mcdonalds

• taco bell

• walmart

• cars

Multiple Choice

A taxi taking you to the airport is a good or a service?

• service

• good

Multiple Choice

What is a service?

• going to church

• buying something

• an action that a person does for someone else

Multiple Choice

A doctor is giving you a check up. Is this a good or service?

• good

• service

Multiple Choice

A good is an object that someone wants or needs and that can be held or touched. True or false.

• true

• false

Multiple Choice

Spending your money on a new watch is a good or a service?

• service

• good

Multiple Choice

If you buy your friend a cupcake are you giving them a good or providing a service?

• good

• service

Multiple Choice

Good or service: Having your yard mowed.

• service

• good

Multiple Choice

What is an example of a consumer?

• a farmer who grows corn

• a person who buys books

• an artist who sells paintings

Multiple Choice

Which provides both goods and services?

• A babysitter

• A post office

• A bus driver

What is scarce in this comic?

Multiple Choice

What is scarce in the Comic?

• Fathers time

• Water

• Work

Open Ended

What are some possible solutions to solving the worlds' water problem?

Lets Practice!

Factors of production

Multiple Choice

Which factor of production category does this picture belong to?

• land

• capital

• labor

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Multiple Choice

Which factor of production category does this picture belong to?

• land

• labor

• capital

• entrepreneurship

Open Ended

According to the video, why does gold cost so much?

Open Ended

What is the difference between trade-offs and opportunity costs?

Multiple Choice

What should be the most important factor considered when you make a decision?

• the Trade-offs

• the Opportunity Cost

• the lost opportunities

• the opinions of others

Multiple Choice

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Analyses

• Investments

Multiple Choice

A Trade-off is

• a purchase in a marketplace.

• an alternative that we sacrifice when we make a decision.

• any good or service a consumer needs.

• a factor of production.

Multiple Choice

What is the most basic problem of economics?

• scarcity

• productivity

• money

• resources

Multiple Choice

Economics is the study of money and how to get rich.

• True

• False

Multiple Choice

What is opportunity cost?

• the value of the next best option that is not selected when a choice is made.

• there is not enough of it.

• things people make to earn money.

• actions people do to earn money.

Multiple Choice

If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

• They are being over efficient

• They are being inefficient

• It is not impossible with the given resources

• They are still efficient, just at another point

Multiple Choice

What does point B represent?

• Production at greater than the country's minimum potential

• Production is less than the country's minimum potential

• Production is greater than the country's maximum potential

• Production at the country's maximum potential

Multiple Choice

What does point Y represent on the PPC?

• Efficiency
• Unattainable / impossible
• Inefficency
• Nothing

Fill in the Blanks

Fill in the Blanks

Multiple Choice

What is the abbreviation for PPC?

• Possibility Production Curve

• Production Possibility Curve

• Production Possible Choice

• Possibility Production Frontier

Multiple Select

What does PPC show? Multiple answer.

• 2 products → we can ONLY produce two product per period

• Efficiency → operate with full employment and full production capacity

• normative economics

• various possible combinations of goods and services

Multiple Choice

Calculate the opportunity cost if choice A to D?

• Additional 90 tons of steel

• Letgo 90 tons of wheat

• Additional 70 tons of steel

• Letgo 65 tons of wheat

Multiple Select

What three basic economic questions must all societies answer? SELECT ALL THAT APPLY

• What to produce?

• How to produce?

• When to produce?

• For whom to produce?

Multiple Choice

What three entities make up the circular flow model?

• businesses, households, and the government

• Buyers, sellers, producers

• Local, state, and federal government

• President Obama, Katy Perry, Waka Flocka

Multiple Choice

What do businesses provide for consumers according to the circular flow model?

• goods and services

• only goods

• only services

• taxes

Multiple Choice

What do households provide to the resource market?

• land, labor, capital 

• money

• people

• income

Multiple Choice

A ____ economy is an economic system in which people, families, clans, or tribes produce and distribute goods according to customs.

• command

• market

• traditional

Multiple Choice

A ____ economy is an economic system in which the government plans and makes all economic decisions.

• traditional

• market

• command

Multiple Choice

A ____ economy is an economic system in which individual choice and voluntary exchange without government regulations direct economic decisions.

• traditional

• market

• command

Multiple Choice

A centrally-planned economy is an example of a ____ economy.

• command

• market

• traditional

Multiple Choice

Socialism and communism are examples of _____ economies.

• command

• market

• traditional

Multiple Choice

I have a problem with having enough resources. What basic question of economics solves this? 

• What to produce?

• How to produce?

• When to produce? 

• For whom to produce? 

What is Capitalism

• In this system you and me, the buyers and sellers, make the decisions about our economy in free markets

• There is little government interference in the economy.

• However, the government may provide for things like schools, roads, and the military

Multiple Choice

Who makes the decisions in a captialist economy?

• The People or Citizens (You and Me)

• The Government

How are prices set?

-Prices are determined by what is called "supply and demand".

-That's a fancy term that means we determine prices by what we buy and how much we buy.

-For example if there is high demand for a product or service the price will be high, if there is not the price will be low.

How are prices set?

-Another example would be if there are a lot of people going out on a date at McDonald's for a Big Mac the price will go higher and more will be made, but if no one is going on a date to White Castle for sliders the demand will be lower and so will the price of the sliders.

Multiple Choice

How are prices set in a capitalist economy?

• Prices are set by what people buy and sell

• Prices are set by the government

Multiple Select

Check ALL that are the basic questions of economics

• What will be produced?

• Who will produce it?

• How will it be produced?

• For whom will it be produced?

• When will production begin?