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Teams
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15
×
What does scarcity mean?
Limited amount/number of something
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15
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How does ceteris paribus help in economics
To simplify conditions and make assumptions
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monster
Reset all scores!
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shark
Other team loses 15 points!
Okay!
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rocket
Go to first place!
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lifesaver
Give 20 points!
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15
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What does 'ceteris paribus' mean?
All other things are equal
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15
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What are normative economic statements?
Statements that are based on value judgement and can't be proven to be true or false
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15
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What are positive economic statement?
Statements that can be proven to be true or false
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15
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Give an example of capital goods
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Give an example of consumer goods
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trap
No points!
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fairy
Take points!
5
10
15
20
25
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gift
Win 20 points!
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baam
Lose 20 points!
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15
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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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15
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Give an example of opportunity cost
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15
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Name factors of production
Land, labor, capital, entrepreneurship
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banana
Go to last place!
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rocket
Go to first place!
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shark
Other team loses 15 points!
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banana
Go to last place!
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15
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Give an example of normative economic statement
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monster
Reset all scores!
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star
Double points!
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rocket
Go to first place!
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lifesaver
Give 20 points!
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15
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What can lead to economic growth?
Technology, innovation, training and education, increase in resources
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