people use their scarce resources to satisfy their unlimited wants.
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15
Need
is something needed to survive
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What does opportunity cost mean?
what you give up to make a choice
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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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eraser
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star
Double points!
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shark
Other team loses 15 points!
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lifesaver
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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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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?
In the law of supply and demand, what happens to demand when the price goes up?
Demand goes down
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seesaw
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gift
Win 25 points!
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fairy
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banana
Go to last place!
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scarcity
The economic problem of having unlimited needs and wants, but limited resources that can be used to achieve them.
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25
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
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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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trap
No points!
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fairy
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gift
Win 10 points!
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lifesaver
Give 20 points!
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15
want
something that people desire to have, that they may, or may not, be able to obtain
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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