Unit 1: Intro to Economics
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The review will cover the concepts of scarcity & choice, along with how that leads to different economic systems, and their characteristics.
Topics of this game:
- Which of the following could leads to a shortage of lumber?
- Which of the following best illustrates the use of (physical) capital goods?
- Which of the following is an example of an entrepreneur?
- In economic terms, what does opportunity cost refer to?
- When an economy is operating at the production possibility curve/frontier...
- Which of the following scenarios would result in underutilization in an economy?
- Which of the following scenarios would cause growth (out/rightward shift of PPC) in an economy?
- In an economy that only produces skateboards and bicycles, what would be the opportunity cost of producing more skateboards?
- Which example is NOT a key economic question faced by countries?
- What are the key points of Adam Smith's market theory of the "invisible hand"?
- Which is the best characteristic of the U.S. free-enterprise system?
- The _____ for students to have three or less absences per semester is the ability to exempt their final exam, if they have a B average.
- Sadie works at Sonic and earns a paycheck every other Friday. In which market of the circular flow model does this exchange occur?
- Sid buys a sweater at Macy's and wears it to school on Monday. In which market of the circular flow model does this exchange occur?
- Societies embrace various economic systems to deal with the fundamental problem of _____.
- Which of the following would happen only in a command/communist economy?
- Which characteristic of a mixed/socialist economy makes it different from a command economy?
- Natural gas, gold, and diamonds are all examples of _____.
- Economics is the study of...
- Whether a supermarket, flea market, or some other type, markets allow us to...
- Which of the following is a synonym for the U.S. Economic System: Free-enterprise, Free Market, and _____?
- Comparison shopping for a new headphones at Wal-Mart, Target, and Amazon is only possible in which type of economic system?
- The main incentive problem in command/communist countries is due to the fact that -
- Nationalization of key industries, government ownership of major factor inputs, and democratically redistributing wealth all describe which of the following pairs?
- The role of the government in the American free-enterprise systems is to -
