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What does opportunity cost mean?
what you give up to make a choice
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.
scarcity
The economic problem of having unlimited needs and wants, but limited resources that can be used to achieve them.
trade-off
A sacrifice that must be made when choosing how to use resources.
Need
is something needed to survive
want
something that people desire to have, that they may, or may not, be able to obtain
Four factors of production
land, labour, capital and enterprise.
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
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
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
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
List 3 types of economies
Socialist, communist, capitalist, traditional, mixed
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
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
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
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
What do you study in economics?
people use their scarce resources to satisfy their unlimited wants.
True/False: Human wants will always exceed available resources.
True
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
In the law of supply and demand, what happens to demand when the price goes up?
Demand goes down


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