are you smarter than a 5 th grader? 15 total points basic economics economic vocabulary economic...

Are You Smarter Than a 5th Grader?Are You Smarter

Than a 5th Grader?

Are You Smarter Than a 5thGrader?

Are You Smarter Than a 5thGrader?

15 Total Points

Basic EconomicsBasic Economics Economic Vocabulary

Economic Questions Economic Questions Factors of Production

Opportunity CostOpportunity Cost PPC

Economic SystemsEconomic Systems “The Invisible Hand”

Trade-OffsTrade-Offs Circular Flow Model

ReturnReturnBasic EconomicsBasic Economics

Round #1

Basic Economics Basic Economics

____ Economics is the study of:a. financial socioeconomics b. industrial wastec. scarcityd. neurological consumerism

____ Economics is the study of:a. financial socioeconomics b. industrial wastec. scarcityd. neurological consumerism

ReturnReturnAnswer: C. ScarcityAnswer: C. Scarcity

Basic Economics #2Basic Economics #2 What information is needed to make a

decision at the margin?

a. opportunity costs

b. cost to produce each unit

c. more than three alternatives

d. factors of production

What information is needed to make a decision at the margin?

a. opportunity costs

b. cost to produce each unit

c. more than three alternatives

d. factors of production

ReturnReturnAnswer: b. Cost to produce each unit Answer: b. Cost to produce each unit

ReturnReturnEconomic QuestionsEconomic Questions

Round #2

Economic Questions Economic Questions

The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____To produce.

The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____To produce.

ReturnReturnAnswer: What, how, and for whom?Answer: What, how, and for whom?

Economic Questions #2Economic Questions #2How does a society determine who will get what is produced?

a. by its distribution of income

b. by factor payment amounts

c. by its needs and wants

d. by economic equity

How does a society determine who will get what is produced?

a. by its distribution of income

b. by factor payment amounts

c. by its needs and wants

d. by economic equity

ReturnReturnAnswer: C. By its needs and wants Answer: C. By its needs and wants

ReturnReturnOpportunity CostOpportunity Cost

Round #3

Opportunity CostOpportunity Cost

By choosing to come to school this morning instead of sleeping in, what was the opportunity cost of this decision?

By choosing to come to school this morning instead of sleeping in, what was the opportunity cost of this decision?

ReturnReturnAnswer: Sleeping inAnswer: Sleeping in

Opportunity Cost #2Opportunity Cost #2 The two choices that someone

must ultimately pick one of the two of these options is called the:

A. Decision set B. Opportunity Cost C. Opportunity Lost D. Opportunity set

The two choices that someone must ultimately pick one of the two of these options is called the:

A. Decision set B. Opportunity Cost C. Opportunity Lost D. Opportunity set

ReturnReturnAnswer: d. Opportunity SetAnswer: d. Opportunity Set

ReturnReturnEconomic SystemsEconomic Systems

Round #4

Economic SystemsEconomic Systems

In which economy does the government have ALL the authority?

In which economy does the government have ALL the authority?

ReturnReturnAnswer: Command EconomyAnswer: Command Economy

Economic Systems #2Economic Systems #2Which of the following is a market economy?

a. Cuba

b. United States

c. The Sioux Nation (1850)

d. The Inuit

Which of the following is a market economy?

a. Cuba

b. United States

c. The Sioux Nation (1850)

d. The Inuit

ReturnReturnAnswer: b. United StatesAnswer: b. United States

Economic Systems #3Economic Systems #3Which of the following is a traditional economy?

a. Canada

b. France

c. The Inuit

d. United States

ReturnReturnAnswer: The Inuit Answer: The Inuit

ReturnReturnTrade-OffsTrade-Offs

Round #5

Trade-OffsTrade-Offs

Why does every decision involve trade-offs?a. Everyone has to make decisions.b. Incomes are not equal.c. Resources are limited.d. Decisions are all different.

Why does every decision involve trade-offs?a. Everyone has to make decisions.b. Incomes are not equal.c. Resources are limited.d. Decisions are all different.

ReturnReturnAnswer: C. Resources are limitedAnswer: C. Resources are limited

ReturnReturnEconomic VocabularyEconomic Vocabulary

Round #6

Economic VocabularyEconomic Vocabulary

An economy that is producing the maximum amount of goods and services is considered:a. underutilizedb. unemployedc. In financial troubled. efficient

An economy that is producing the maximum amount of goods and services is considered:a. underutilizedb. unemployedc. In financial troubled. efficient

ReturnReturnAnswer: D. EfficientAnswer: D. Efficient

ReturnReturnFactors of ProductionFactors of Production

Round #7

Factors of ProductionFactors of Production

Name the four factors of production: Name the four factors of production:

ReturnReturnAnswer: Land, Labor, Capital

and EntrepreneurAnswer: Land, Labor, Capital

and Entrepreneur

ReturnReturnPPCPPC

Round #8

Production Possibilities (PPC)

Production Possibilities (PPC)

A point on a production possibility curve below the frontier indicates:

a. future possibilities b. efficiency c. underutilization d. peak performance

A point on a production possibility curve below the frontier indicates:

a. future possibilities b. efficiency c. underutilization d. peak performance

ReturnReturnAnswer: C. UnderutilizationAnswer: C. Underutilization

ReturnReturn“The Invisible Hand”“The Invisible Hand”

Round #9

Production Possibilities (PPC)

Production Possibilities (PPC)

Who Coined the term “The Invisible Hand”?

Who Coined the term “The Invisible Hand”?

ReturnReturnAnswer: Adam Smith Answer: Adam Smith

ReturnReturnCircular Flow ModelCircular Flow Model

Round #10

Circular Flow ModelCircular Flow Model

Money flows from firms to households in the form of __________ .

Money flows from firms to households in the form of __________ .

ReturnReturnAnswer: Wages Answer: Wages

ReturnReturnFree is a very good price!Free is a very good price!

Tie Breaker Question

Free is a very good price!Free is a very good price!Tie breaker Rules: First person from a team to raise hand will be called on……

What does TINSTAAFL stand for?

Tie breaker Rules: First person from a team to raise hand will be called on……

What does TINSTAAFL stand for?

ReturnReturnAnswer: There is no such thing

as a free lunch! Answer: There is no such thing

as a free lunch!

Study for your Unit One Assessment!

You can use a 3x5 note card for notes on the test (front and back)

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