miscellaneous. 600 what is the difference between a good and a service?

Miscellaneous

600

•What is the difference between a good and a service?

800

•Why are diamonds so valuable?

1000

• You receive a free public education. Describe why your education is not really free (even if your parents refuse to pay their taxes – I am not suggesting this is the case!)

The Economic Problem

200

• Economics is all about this?

400

• Scarcity means this.

600

•What types of productive resources

are there?

800

• What is the economic problem?

1000

What 3 questions do all economies have to answer?

Economic Theory

200

•Compare and contrast positive economic statements with

normative economic statements

400

• Economics assumes these 4 things about decision makers

600

• Name the economic theory that describes how the market works (hint: it shows it in a diagram)

800

• Economics is a social science because it utilizes this method.

1000

• Explain what macroeconomics and microeconomics study.

Opportunity Cost and Choice

200

•An opportunity cost is the value of your forgone this.

400

•When you have incurred a cost which you cannot recover you have incurred a this cost.

600

•Using marginal analysis you should

not make a change if the marginal cost outweighs this.

800

•Rational decision makers will change

the status quo as long as __________.

1000

•DAILY DOUBLE

DAILY DOUBLE

• Explain how your opportunity cost changes with the following scenario.–I will watch a movie rather than study for my exam.1. The week before the final2. The day before the final

Application

200• Name 1 productive resource in each category that would be used for this product

400• Name that statement

–New York City’s unemployment rate fell faster in August than in any month on record, to 7.3 percent from 7.8 percent in July, the State Labor Department reported on Thursday.

600• Name that simplifying

assumption

• When price increases the quantity supplied will increase

800• Name that simplifying

assumption

• I like to buy winter clothes in the summer because they are less expensive.

1000

•DAILY DOUBLE

DAILY DOUBLE• I am looking to buy a new car.

In order to do so I have gotten online quotes, visited dealerships, and read through consumer reports. What scarce resources have I used even before I spend my money to buy a car.

200

400

600

800

1000

200

400

600

800

1000

200

400

600

800

1000

200

400

600

800

1000

200

400

600

800

1000

FINAL JEOPARDYMARCY’S PRODUCTION GLORIA’S PRODUCTION

Time Used # books cataloged

# books shelved

Time Used # books catalogued

# books shelved

2 hrs 50 0 2 hrs 0 200

6 hrs 0 300 6hrs 60 0

1. Who should specialize in what?

2. If each person specializes how many books can be cataloged and shelved?