economics (h) chapter 1 review game factors of production production possibilities goods &...
TRANSCRIPT
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Economics (H)
Chapter 1
Review Game
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Factors of Production
Production Possibilities
Goods & Services
Productivity & Growth
Value & Wealth
MISC
10 10 10 10 10 10
20 20 20 20 20 20
30 30 30 30 30 30
40 40 40 40 40 40
50 50 50 50 50 50
60 60 60 60 60 60
70 70 70 70 70 70
80 80 80 80 80 80
90 90 90 90 (90) 90
100 100 100 100 (100) 100
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A1
List all four Factors of Production:
LAND, LABOR, CAPITAL, and
ENTREPRENEURS
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A2
Equipment used in production.
CAPITAL
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A3
Human resources that serve as productive contributions in the
economy.
LABOR
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A4
Encompasses all the non-human gifts of nature,
including timber, water, fish, and fertility.
LAND
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A5
Involves human resources that perform the functions of
organizing, managing, and assembling the other factors of production to make business
ventures.
Entrepreneur
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A6
Why are Entrepreneurs so vital to a
Free Enterprise Economy?
They bring new products and production methods.
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A7
The money used to buy the tools and equipment used
in production.
Financial Capital
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A8
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A9
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A10
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B1
A diagram representing various combinations of goods and/or
services an economy can produce when all productive resources are
fully employed.
PPF
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B2
Draw a Production Possibilities Frontier
on the board
Label all parts.
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B3
Production Possibilities Frontier
Fully Employed Resources?
A
B
C
B
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B4
Production Possibilities Frontier
A
B
C
Cost of Idle Resources?
A
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B5
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B6
Production Possibilities Frontier
A
B
C
Impossible Production?
C
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B7
Production Possibilities Frontier
Economic Growth (Draw)
2nd Line
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B8
Production Possibilities Frontier
W
Opportunity Cost of W to Z?1 more B – 5 less A
Z
10
5
A
B1 2
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B9
Production Possibilities Frontier
W
Opportunity Cost of Z to W?5 more A – 1 less B
Z
10
5
A
B1 2
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B10
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C1
Economic product that is economically useful or satisfies an economic
want.
GOOD
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C2
Economic product that is performed for someone
SERVICE
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C3
Markets where producers sell their goods and
services to consumers.
Products Market
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C4
Any good that lasts less than three years.
Non-Durable
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C5
Good that is intended for final use by an individual.
Consumer Good
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C6
Any good that lasts more than three years.
Durable
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C7
Good that is used to produce other goods and
services.
Capital Good
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C8
Person who uses goods and services to satisfy wants
and needs
Consumer
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C9
Provide an example of a CAPITAL GOOD:
Answers will vary
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C10
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D1
Measure of the amount of output produced by a given
amount of inputs in a specific period of time.
Productivity
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D2
This occurs when a nation’s total output of goods and
services increases over time.
Economic Growth
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D3
In order to increase productivity, what must
happen first?
Improve Efficiency (More Output with same Input)
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D4
If you were a manager in a factory, what might be two
ideas to improve productivity? (2)
Division of Labor or Specialization
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D5
This takes place when factors of production perform tasks relatively more efficiently.
Specialization
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D6
This takes place when work is arranged so that individual workers do
fewer tasks than before.
Division of Labor
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D7
In order to improve productivity, what can a
business do?
Offer job training and motivation
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D8
Markets where productive resources are bought
and sold.
Factors Market
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D9
The sum of the skills, abilities, health, and
motivation of people.
Human Capital
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D10
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E1
Refers to a worth that can be expressed in dollars and cents.
VALUE
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E2
The capacity to be useful and provide satisfaction.
UTILITY
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E3
The accumulation of those products that is tangible,
scarce, useful, and transferable from one person to another.
WEALTH
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E4
What impact does SCARCITY have on
VALUE?
The more scarce, the higher the value
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E5
Explain why the price of a necessity like water is
so low:
Even though a necessity, water is NOT scarce.
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E6
Explain: The Paradox of Value
Some necessities have little monetary value, while some non-necessities have a high
monetary value.
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E7
In order for an item to have VALUE, what must
it have?
Must be both Scarce and have Utility.
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E8
What is the difficulty in measuring UTILITY?
The utility of a good will vary from one person to another.
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E9
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E10
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F1
Basic requirement for survival and includes
food, clothing, and shelter.
NEED
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F2
A way of thinking about a problem that compares the costs of an action to
benefits received.
Cost-Benefit Analysis
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F3
Study of how people try to satisfy what appears to be seemingly unlimited wants
with limited resources.
Economics
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F4
Alternative Choices
Trade-Offs
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F5
The dollar value of all final goods and services produced within a country’s borders
in a year.
Gross Domestic Product
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F6
All parts of the economy rely on each other for
success or failure.
Economic Interdependence
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F7
The cost of the next best alternative use of money,
time, or resources when one choice is made rather than
another.
Opportunity Cost
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F8
An economy in which consumers and privately owned
businesses, not government, make the decisions.
Free-Enterprise Economy
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F9
The quality of life based on the possession of the
necessities and luxuries that make life easier.
Standard of Living
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F10
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Interpreting Maps
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Interpreting Maps