miscellaneous. 600 what is the difference between a good and a service?
DESCRIPTION
800 Why are diamonds so valuable?TRANSCRIPT
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.
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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?