Ap Microeconomics Unit 1 An Introduction To Economics Jeopardy Template

Vocab	Circular Flow model	Production Possibility Curve	Economic systems	Random
100 What is scarcity? Scarity is unlimited wants, but limited resources.	100 What are examples of expenditures for a business? -Rent -Wages	100 What does the slope of the production possibilities curve indicate? Marginal opportunity cost	100 What do economic systems do? They allow countries to determine how scarce resources will be allocated.	100 What is growth? growth is increasing the amount of goods and services produced in an economy.
200 What is opportunity cost? Opportunity cost is the most desirable option given up.	200 What are the two markets in the circular flow model? -product market -resource market	200 What does the production possibilities curve show? different combinations of two goods that an economy can produce.	200 What are the three types of economic systems? -command -market -traditional	200 Why trade? it benefits all of the participating economies.
300 What is efficiency? efficiency is getting the most out of ones resources for the least cost?	300 What are the three main sectors of the circular flow model? -business -household -government	300 If there is zero opportunity cost per unit of good Y, what will the production possibilities curve look like? perfectly inelastic	300 In a command economy, how are the decisions made? By a central leader/ government	300 All decisions involve a _______. A tradeoff
400 What is absolute advantage? absolute advantage is when one worker can produce more than another with the same resources.	400 Circular flow model shows the ____ flow and the _____ flow. -real -money	400 If the opportunity cost of good Y is increasing constantly at the same rate, what will the production possibilities curve look like? decreasing at a constant rate	400 In a traditional economy, they decide what and how to produce goods based on _______. Their beliefs and customs	400 Peoples _______, ________, and ________ are affected by their economic system. jobs, income, and lifestyle
500 What is comparative advantage? comparative advantage is when countries specialize in production of goods and services that they can produce at a lower opportunity cost than the trade partner.	500 Both businesses and households give _____ to the government. -taxes	500 What could cause the production possibilities curve to shift outward? advancements in technology	500 In a market economy, decisions are based on ___________ choice. individual	500 The four categories of economic resources are ________, _________, _________, and ___________. land, labor, capital, and entrepreneurial ability

AP MIcroeconomics Unit 1- An Introduction to Economics

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