What is an economic want?

If 5 people want an ice-cream, is there a scarcity?

If 6 people want a pencil, is there a scarcity?

If 8 people want a stuffed animal, is there a scarcity?

If 3 people want a candy bar, is there a scarcity?

If 2 people want a soccer ball, is there a scarcity?

If 20 people want a soda, is there a scarcity?

If 10 people want a piece of gum, is there a scarcity?

If 4 people want a bike, is there a scarcity?

The economic problem is that

The opportunity cost of a good is

The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes (i) the loss of jobs in the coal industry, (ii) a cleaner environment, (iii) reduced coal production.

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

The production possibility curve shows

If an economy is producing at a point inside its production possibility curve, then

When a country’s people and all its other resources are fully employed, which of the following must be true before more of any one item can be produced?

In terms of the production possibility curve, a decrease in unemployment would be best shown by

Which one of these definitions best describe Opportunity Costs?

Which one of these definitions best describe Opportunity Costs?

Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?

Which of these is NOT an example of a need?

Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

I have a class of 25 students that need to type a paper, but I only have 10 computers available for them to use. This could be considered a surplus of computers.

Steve decided to buy the brand new iPhone that just came out instead of putting money aside for a vacation next summer. This is known as saving.

You are having a difficult time deciding if you should spend your money on tickets to see a new movie or going bowling with your friend. You decide to go to the movies, so bowling with your friend would be considered an opportunity cost.

How much of something that is available is ______________.

Coins or dollars that are used to buy a good or service is called _____________.

To control the amount of something that people are allowed to have, especially when there is not enough is known as _____________.

A _____________ is something you would like to have, but it is not required to live.

There are 18 students that want to use blue poster board for their project, but there are only 6 pieces of blue poster board available. We could state that there is a _____________ for blue poster board.

A ____________ is a good thing that occurs as a result of something else.

I should ration the water bottles, and only let each person have one, since I have more than enough for everybody.

Which of the following do economic systems organize for societies? (Check all that apply)

Which of the following are the names of the types of economic systems? (Check all that apply)

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

Which economic system is both market and command combined and most democratic countries fall into this category?

Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?

Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

Which type of economic systems does Cuba and North Korea have?

What type of economic system do some villages in Africa and South America have?

Which type of economic system is the U.S., Brazil, and the U.K.?

How many nations are part of the UK?

What is the capital of the UK?

What is the capital city of England?

Which of these are part of the United Kingdom?

Which part of the UK is shaded in red?

Which part of the UK is shaded in blue?

Which part of the UK is shaded in yellow?

Which part of the UK is shaded in green?

City number 4 is...

What is the name of this famous bridge?

The Great Fire of London of Pudding Lane started in which year?

Which queen was beheaded on false charges against the king at the Tower of London?

What birds are said to live at the Tower of London?

Where in London in Nelson's Column located?

This famous building in Westminster is known as...?