3 September - Economy Review

Match the following

• Lemons

• Land

• Lady Salesman

• Labor

• Lady Worker

• Entrepreneur

• Lemonade Stand

• Capital

Stephen continues to study, 1 extra hour each day for the test on Friday. For every hour he studies his grade will improve by 1 letter grade.

• Marginal Cost

• Marginal Benefit

• Opportunity Cost

• Scarcity

Reorder the following for the Rational Decision Making Process

• Identify the Problem

• Analyze Options

• Determine Alternatives or Options

• Make a decision

• Select or determine yoru criteria

Match the following with the allocation resource MOST appropriate.

• Price

• 
• Contest

• 
• Need

• 
• Lottery

• 
• Majority Vote

• 

When you look at the benefit you lost when making another decision?

• Marginal Benefit

• Marginal Cost

• Opportunity Cost

• Entrepreneur

Entrepreneurs take great (a)   in order to gain a Profit.

Match the Term with the defintiion.

• Surplus

• Human and Physical are two examples

• Need

• Desire for a good or service

• Want

• Takes risks to gain profits

• Entrepruener

• Essential for survival

• Capital

• When you have too many goods and services.

Billy Bob has a choice to make about job to choose:  Teacher at RIchmond Hill:   provides $44,000 salary, no medical benefits and 3 weeks vacation paid.  Teacher in Bulloch County provides a $38,000 salary, full medical benefits and 2 weeks vacation paid.  

Determine Opportunity Cost if Billy Bob chooses the job in Bulloch County.

• $6000 salary

  Full Medical Benefits

• $12000 in salary

  3 weeks paid vacation

• $6000 in salary

  1 week paid vacation

• $12000 in salary

  1 week paid vacation

Organize these options into the right categories

Groups:

(a) Traditional Economy

,

(b) Command Economy

,

(c) Market Economy

,

(d) Mixed Economy

• USA

• sellers want to make profit

• North Korea

• 95% of all countries are this economic type.

• government makes all the decision on what and how.

• Values

• Customs

• Goal is eauqlity

• buyers decide what is made and how its made

• Austrailian Aborigines

• Based on generations

Which answer below IS NOT a question all societies must answer?

• What goods and services to produce

• Why do we make goods and services.

• How are we going to produce goods and services.

• Whom are we making goods and services for?