Fundamental Economic Concepts
Words to choose from:scarcity, incentives, opportunity cost, comparative advantage, capital, entrepreneurship, profit, total revenue, free market, monopoly, oligopoly, interdependence
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Topics of this game:
- Never enough resources to satisfy all human wants
- Rewards or penalties that come with choices
- What we give up to get what we want
- Produce goods and services at a lower opportunity cost
- Materials and assets needed to produce goods and services
- Owning a business
- Total revenue minus total cost
- Price of goods or services sold multiplied by quantity
- Producers compete to supply goods or services with little government action
- One company or individual has an overwhelming or total control of a good or service.
- Only a few companies control the production of a service or good resulting in limited competition.
- Companies rely on each other to be productive
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