Communication!. Communication Game Board. Basics. Factors of Production. Basic Concepts. Hodge Podge. Types of Economics & Goals. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500.
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Factors of Production
Types of Economics & Goals
What is Scarcity.
What is the fundamental economic problem.
What is economics.
Study of how people try to satisfy unlimited an competing wants.
What is need.
Basic requirement for survival like food clothing & shelter.
What is want.
A way of expressing a need.
What is how, what an for whom.
What are the 3 basic economic questions.
What is land.
Gifts of nature or natural resources created by humans.
What is Capital.
Tools, Equipment, Machinery used to produce goods.
What is labor.
People with all their efforts, abilities an skills.
A risk-taker in search of profits who does something new.
What is Entrepreneur.
Process of creating goods an services.
What is Production.
Worth that can be expressed in Dollars an cents.
What is value.
Where Necessities, like water, have little monetary value.
What is Paradox of value.
Capacity to be useful.
What is utility.
Accumulation of products that are tangible, scarce, useful an transferable.
What is wealth.
He wrote The Wealth of Nations.
Who is Adam Smith
The sum of skills, abilities, health an motivation of people
What is Human Capital..
The means that we rely on others and they rely on us to provide services and goods
is Economic Interdependence.
The cost of the next best alternative.
A type of thinking about a problem that compares cost of an action with benefits received
What is Cost benefit analysis?
Allocation of resources stems from ritual, habit or
What is Traditional
Central authority makes most of the what, how an for whom decision
People an firms act in their best interest as owners what, how an for whom.
What is market.
What is inflation.
A rise in general level of prices.
What is Equity, security, efficiency, full employment, freedom, stability an growth.
Name 4 of the 7 economic an social goals.
Who plays the roles of protector, consumer, regulator, and promoter of the economy?