1 Study Guide Alphabet - Intro to Econ, Econ Sys, Macroeconomics

Alphabet

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E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E)
E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity
cost, trade offs, efficiency, productivity, and growth.
E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.
E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity
cost, trade offs, efficiency, productivity, and growth.
GE.8.2 Compare and contrast the arguments for and against free trade.
E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E)
E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.

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Lance Hiles

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1 Study Guide Alphabet - Intro to Econ, Econ Sys, MacroeconomicsOnline version E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth. E.1.2 Identify incentives and explain how they influence economic behavior and decision-making. E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth. GE.8.2 Compare and contrast the arguments for and against free trade. E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.2 Identify incentives and explain how they influence economic behavior and decision-making. by Lance Hiles B C E G L M O P R S V Y Contains B The U.S. can produce more planes than China, so they have an ____ advantage in the production of planes. The U.S. also has an [same] advantage in the production of shoes. Contains C If American factories mismanage resources and try to produce planes in shoe factories and shoes in plane factories, they would be at a point "inside the production possibilities frontier", showing an ____ use of resources. Starts with E Alfred Marsh defined ____ as "A study of man in the ordinary business of life. It inquires how he gets his income and how he uses it. The study of wealth and a study of man." Thus, [same] is the study of people and choices. Contains G States changed incentives & rewarded schools for the number of students that complete courses or ____ ____ . And this worked, it's helped schools increase their graduation rates by shifting money from marketing to programing. Starts with L Important assumption in economics. First, the idea of scarcity. People have unlimited wants but ____ ____ . And second, everything has a cost, so we need a way to analyze our choices and get the most from our ____ ____ . Contains M Since the U.S. has limited resources, they can't produce any combination beyond the production possibilities frontier, so it's ____ to produce 500 planes and 1000 tons of shoes. Contains O The ____ ____ frontier is a graph that shows the different combinations of two goods being produced using all resources efficiently. Contains P Every time the U.S. produces an additional plane, it costs them two tons of shoes. China gives up 8 tons of shoes for each plane they produce, so China has a(n) ____ advantage. It is best for these countries to trade with each other. Contains R Specialization is a pizza restaurant where workers have specific tasks: preparing ingredients, making pizzas, the oven, putting it in the box. This ____ of ____ makes each worker more productive since they can each focus on the thing they do best. Starts with S The right incentives are hard to find. Many colleges used to get state money for each ____ they ____ . That meant colleges had financial incentives to recrute as many students as possible, but not to help them succeed in class. Contains V Beginning of the ____ ____ , Adam Smith wrote the Wealth of Nations. He at explained that the source of prosperity for countries was specialization, or what he called the division of labor. Specialization made the [same] possible. Contains Y The cost of watching this video is the video you're not watching. Economists call this your ____ cost. You lose the [same] to watch a different video. You believe this video is the best use of your time.

1 Study Guide Alphabet - Intro to Econ, Econ Sys, MacroeconomicsOnline version

E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth. E.1.2 Identify incentives and explain how they influence economic behavior and decision-making. E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth. GE.8.2 Compare and contrast the arguments for and against free trade. E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.

by Lance Hiles

Contains B

The U.S. can produce more planes than China, so they have an ____ advantage in the production of planes. The U.S. also has an [same] advantage in the production of shoes.

Contains C

If American factories mismanage resources and try to produce planes in shoe factories and shoes in plane factories, they would be at a point "inside the production possibilities frontier", showing an ____ use of resources.

Starts with E

Alfred Marsh defined ____ as "A study of man in the ordinary business of life. It inquires how he gets his income and how he uses it. The study of wealth and a study of man." Thus, [same] is the study of people and choices.

Contains G

States changed incentives & rewarded schools for the number of students that complete courses or . And this worked, it's helped schools increase their graduation rates by shifting money from marketing to programing.

Starts with L

Important assumption in economics. First, the idea of scarcity. People have unlimited wants but . And second, everything has a cost, so we need a way to analyze our choices and get the most from our .

Contains M

Since the U.S. has limited resources, they can't produce any combination beyond the production possibilities frontier, so it's ____ to produce 500 planes and 1000 tons of shoes.

Contains O

The frontier is a graph that shows the different combinations of two goods being produced using all resources efficiently.

Contains P

Every time the U.S. produces an additional plane, it costs them two tons of shoes. China gives up 8 tons of shoes for each plane they produce, so China has a(n) ____ advantage. It is best for these countries to trade with each other.

Contains R

Specialization is a pizza restaurant where workers have specific tasks: preparing ingredients, making pizzas, the oven, putting it in the box. This of makes each worker more productive since they can each focus on the thing they do best.

Starts with S

The right incentives are hard to find. Many colleges used to get state money for each they . That meant colleges had financial incentives to recrute as many students as possible, but not to help them succeed in class.

Contains V

Beginning of the , Adam Smith wrote the Wealth of Nations. He at explained that the source of prosperity for countries was specialization, or what he called the division of labor. Specialization made the [same] possible.

Contains Y

The cost of watching this video is the video you're not watching. Economists call this your ____ cost. You lose the [same] to watch a different video. You believe this video is the best use of your time.

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1 Study Guide Alphabet - Intro to Econ, Econ Sys, Macroeconomics

Alphabet

About this activity

Created by

Download the paper version to play

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1 Study Guide Alphabet - Intro to Econ, Econ Sys, MacroeconomicsOnline version

by Lance Hiles

Contains B

The U.S. can produce more planes than China, so they have an ____ advantage in the production of planes. The U.S. also has an [same] advantage in the production of shoes.

Contains C

If American factories mismanage resources and try to produce planes in shoe factories and shoes in plane factories, they would be at a point "inside the production possibilities frontier", showing an ____ use of resources.

Starts with E

Alfred Marsh defined ____ as "A study of man in the ordinary business of life. It inquires how he gets his income and how he uses it. The study of wealth and a study of man." Thus, [same] is the study of people and choices.

Contains G

States changed incentives & rewarded schools for the number of students that complete courses or ____ ____ . And this worked, it's helped schools increase their graduation rates by shifting money from marketing to programing.

Starts with L

Important assumption in economics. First, the idea of scarcity. People have unlimited wants but ____ ____ . And second, everything has a cost, so we need a way to analyze our choices and get the most from our ____ ____ .

Contains M

Since the U.S. has limited resources, they can't produce any combination beyond the production possibilities frontier, so it's ____ to produce 500 planes and 1000 tons of shoes.

Contains O

The ____ ____ frontier is a graph that shows the different combinations of two goods being produced using all resources efficiently.

Contains P

Every time the U.S. produces an additional plane, it costs them two tons of shoes. China gives up 8 tons of shoes for each plane they produce, so China has a(n) ____ advantage. It is best for these countries to trade with each other.

Contains R

Specialization is a pizza restaurant where workers have specific tasks: preparing ingredients, making pizzas, the oven, putting it in the box. This ____ of ____ makes each worker more productive since they can each focus on the thing they do best.

Starts with S

The right incentives are hard to find. Many colleges used to get state money for each ____ they ____ . That meant colleges had financial incentives to recrute as many students as possible, but not to help them succeed in class.

Contains V

Beginning of the ____ ____ , Adam Smith wrote the Wealth of Nations. He at explained that the source of prosperity for countries was specialization, or what he called the division of labor. Specialization made the [same] possible.

Contains Y

The cost of watching this video is the video you're not watching. Economists call this your ____ cost. You lose the [same] to watch a different video. You believe this video is the best use of your time.

States changed incentives & rewarded schools for the number of students that complete courses or . And this worked, it's helped schools increase their graduation rates by shifting money from marketing to programing.

Important assumption in economics. First, the idea of scarcity. People have unlimited wants but . And second, everything has a cost, so we need a way to analyze our choices and get the most from our .

The frontier is a graph that shows the different combinations of two goods being produced using all resources efficiently.

Specialization is a pizza restaurant where workers have specific tasks: preparing ingredients, making pizzas, the oven, putting it in the box. This of makes each worker more productive since they can each focus on the thing they do best.

The right incentives are hard to find. Many colleges used to get state money for each they . That meant colleges had financial incentives to recrute as many students as possible, but not to help them succeed in class.

Beginning of the , Adam Smith wrote the Wealth of Nations. He at explained that the source of prosperity for countries was specialization, or what he called the division of labor. Specialization made the [same] possible.