In the law of supply and demand, what happens to demand when the price goes up?
Demand goes down
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15
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. They decide on skatepark. Opportunity cost?
computers
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15
True/False: Human wants will always exceed available resources.
True
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baam
Lose 20 points!
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star
Double points!
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gift
Win 20 points!
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lifesaver
Give 25 points!
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15
What does opportunity cost mean?
what you give up to make a choice
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boom
Lose 50 points!
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seesaw
Swap points!
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shark
Other team loses 25 points!
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thief
Give points!
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15
Give examples of what would be included in the ENTREPRENEUR factor of production
. They typically are the first employees of their companies and dedicate their personal financial capital, production capital and labor when beginning a venture
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15
Emelia has been invited to a sleep over. She has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister. What is the opportunity cost of her decision?
seeing her favorite band
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20
Four factors of production
land, labour, capital and enterprise.
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25
Give examples of what would be included in the CAPITAL factor of production
Computer software used by business firms or government agencies to produce goods and services is capital. It is not money
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15
Give examples of what would be included in the LABOUR factor of production
all wage-earning activities, such as the work of professionals, retail workers, and so on
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15
What do you study in economics?
people use their scarce resources to satisfy their unlimited wants.
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heart
Other team wins 25 points!
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rocket
Go to first place!
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rocket
Go to first place!
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lifesaver
Give 20 points!
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15
supply and demand
The amount of a product or service that is available (offered for sale) and that consumers are willing to purchase at a particular point in time.
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15
Need
is something needed to survive
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15
Give examples of what would be included in the LAND factor of production
physical land, such as the acres used for a farm or the city block on which a building is constructed
