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