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15
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What is the basic economic problem?
Wants are unlimited but resources are scarce
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thief
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25
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star
Double points!
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fairy
Take points!
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25
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baam
Lose 25 points!
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15
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What does economics study?
Allocation of scarce resources
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15
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Give an example of capital goods
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Give an example of opportunity cost
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What does production possibility curve show?
The maximum number of goods that can be produced with all the given resources
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What are consumer goods?
Products that are bought by households and individuals
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15
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Give an example of normative economic statement
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What does 'ceteris paribus' mean?
All other things are equal
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monster
Reset all scores!
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fairy
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25
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gift
Win 10 points!
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thief
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25
15
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Give an example of consumer goods
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15
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Give an example of positive economic statement
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boom
Lose 50 points!
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shark
Other team loses 5 points!
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gift
Win 5 points!
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baam
Lose 15 points!
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How does ceteris paribus help in economics
To simplify conditions and make assumptions
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What is economic growth?
Increase in the level of output by a nation
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boom
Lose 50 points!
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fairy
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25
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fairy
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25
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thief
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