The economic problem of having unlimited needs and wants, but limited resources that can be used to achieve them.
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15
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision
muffins
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15
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
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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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thief
Give points!
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25
seesaw
Swap points!
Okay!
rocket
Go to first place!
Okay!
baam
Lose 5 points!
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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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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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20
List the factors of production that Apple needs to make its products
Land for factories and stores, people to work in factories and shops, all of the parts for the phones and factories, entrepreneurs to bring it all together
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15
What does opportunity cost mean?
what you give up to make a choice
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thief
Give points!
5
10
15
20
25
rocket
Go to first place!
Okay!
fairy
Take points!
5
10
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25
baam
Lose 25 points!
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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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banana
Go to last place!
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star
Double points!
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fairy
Take points!
5
10
15
20
25
baam
Lose 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.
