Are You Smarter
Than a 5th Grader?
15 Total Points
Are You Smarter Than a
5thGrader?
Basic Economics
Economic Vocabulary
Economic Questions
Factors of Production
Opportunity Cost
PPC
Economic Systems
“The Invisible Hand”
Trade-Offs
Circular Flow Model
Round #1
Return
Basic Economics
Basic Economics
____ Economics is the study of:
a. financial socioeconomics
b. industrial waste
c. scarcity
d. neurological consumerism
Return
Answer: C. Scarcity
Basic Economics #2
What
information is needed to make a
decision at the margin?
a.
opportunity costs
b.
cost to produce each unit
c.
more than three alternatives
d.
factors of production
Return
Answer: b. Cost to produce each unit
Round #2
Return
Economic Questions
Economic Questions
The three basic questions every society
must answer in dealing with scarcity
are: _______, ______, and for _____
To produce.
Return
Answer: What, how, and for whom?
Economic Questions #2
How does a society determine who will get
what is produced?
a.
by its distribution of income
b.
by factor payment amounts
c.
by its needs and wants
d.
by economic equity
Return
Answer: C. By its needs and wants
Round #3
Return
Opportunity Cost
Opportunity Cost
By
choosing to come to school this
morning instead of sleeping in, what
was the opportunity cost of this
decision?
Return
Answer: Sleeping in
Opportunity Cost #2
The
two choices that someone must
ultimately pick one of the two of
these options is called the:
A. Decision set
B. Opportunity Cost
C. Opportunity Lost
D. Opportunity set
Return
Answer: d. Opportunity Set
Round #4
Return
Economic Systems
Economic Systems
In
which economy does the
government have ALL the authority?
Return
Answer: Command Economy
Economic Systems #2
Which of the following is a market
economy?

a. Cuba
b.
United States
c.
The Sioux Nation (1850)
d.
The Inuit
Return
Answer: b. United States
Economic Systems #3
Which of the following is a traditional
economy?

a. Canada
b.
France
c.
The Inuit
d.
United States
Return
Answer: The Inuit
Round #5
Return
Trade-Offs
Trade-Offs
Why does every decision involve
trade-offs?
a. Everyone has to make decisions.
b. Incomes are not equal.
c. Resources are limited.
d. Decisions are all different.
Return
Answer: C. Resources are limited
Round #6
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Economic Vocabulary
Economic Vocabulary
An economy that is producing the
maximum amount of goods and
services is considered:
a. underutilized
b. unemployed
c. In financial trouble
d. efficient
Return
Answer: D. Efficient
Round #7
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Factors of Production
Factors of Production
Name the four factors of
production:
Answer: Land, Labor, Capital
and Entrepreneur
Return
Round #8
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PPC
Production Possibilities (PPC)
A point on a production possibility
curve below the frontier indicates:
 a. future possibilities
b. efficiency
c. underutilization
d. peak performance
Answer: C. Underutilization
Return
Round #9
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“The Invisible Hand”
Production Possibilities (PPC)
Who Coined the term “The Invisible
Hand”?
Answer: Adam Smith
Return
Round #10
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Circular Flow Model
Circular Flow Model
Money flows from firms to households
in the form of __________ .
Answer: Wages
Return
Tie Breaker
Question
Return
Free is a very good price!
Free is a very good price!
Tie breaker Rules: First person from a team to raise hand will
be called on……
What does TINSTAAFL stand for?
Answer: There is no such thing
as a free lunch!
Return
Thanks
For playing…..
 Study
for your Unit One
Assessment!
 You can use a 3x5 note
card for notes on the
test (front and back)