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Economics Chapter 1
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Explain the late work policy for class
Late work is accepted without penalty with in the current unit/chapter
What sport does Mr. Moltoni coach?
Baseball
What is Mr. Moltoni's favorite baseball team?
Yankees
What is the name of one of Mr. Moltoni's dogs?
Molly, Amy, Gidget
Which would result in a change in the PPC A) an influx of immigrants from other countries B) the discovery of an abundant natural resources C) drought D) all of the above
D
T/F - Separation of tasks to be performed by different workers is division of labor.
True
T/F - People's skills, abilities, health, knowledge, and motivation all add up to entrepreneurship.
False
T/F - Economic growth usually can be achieved without investing in new resources.
False
In the mythical country Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?
it will expand all possible combinations
Consumers are expected to read the full information about a product before making a purchase. This is an example of a consumer's ___________
Responsibilities
they drive decisions about what to produce.
consumers
When deciding how to use resources, you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called
trade-offs
the farm used to grow corn is what factor of production
Land
the developers of a new smartphone app is what factor of production
entrepreneur
The cashier at Chipotle is an example of what factor of production
Labor
Computers used in the classroom is an example of what factor of production
Capital
A nations wealth is made up of: A) all intangible items B) all goods and services C) All tangible Items D) All of the above
C - A;; tangible items
What determines if something has value?
Utility and Scarcity
A car is an example of what kind of good
durable
What are the three basic economics questions
What, How, and for Whom to produce
T/F - In all societies, the government decides what to produce.
False
T/F People's needs are limited.
False
T/F - Scarcity is an economic problem with which all societies are faced.
True
T/F - Both goods and services are counted as wealth?
False
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)
cost-benefit analysis
The efficient use of scarce resources leads to an increase in
productivity
When a nation's total output increases over time, the nation is experiencing
economic growth
Consumers waiting in long lines for a new product is an example of
Scarcity
the cost of choosing one alternative over another
Opportunity Cost
It identifies all possible combinations of goods and services an economy can produce.
Production Possibilities Curve
high value of a nonessential item and the low value of an essential item.
Paradox of Value
movement that promoted the rights of buyers
consumerism
reliance on others to produce goods and services we need
economic interdependence
food is an example of what type of good
nondurable good
manufactured good used to produce other goods or services
Capital Goods
This is how we measure a country output and economic health
GDP - Gross Domestic Product
a fundamental problem in every society
scarcity
where all of the factors of production are bought and sold
factor market
this graph represents the range of production possibilities
production possibilities curve
another phrase or quality of life
quality of life
each worker learns one task very well
Specialization
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