benchmark review how do economists define scarcity?
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Benchmark Review What is a production schedule? What is the opportunity cost of moving from one point to another along the frontier? What does a point under the curve demonstrate? What two factors can cause a shift left or right on the curve?TRANSCRIPT
Benchmark Review How do economists define scarcity? What is the
difference between scarcity and shortage? What are the three
factors of production? What is trade-off? Benchmark Review What is
a production schedule? What is the opportunity cost of moving from
one point to another along the frontier? What does a point under
the curve demonstrate? What two factors can cause a shift left or
right on the curve? What is meant by guns or butter? What is an
entrepreneur?
Benchmark Review What is meant by guns or butter? What is an
entrepreneur? What are the 3 economic questions? What is an
economic system? Benchmark Review Name and give the characteristics
of the 4 economic systems. What is specialization? In a free market
economy, explain the product and factor market. How does the
physical and monetary flow move between households and firms?
Benchmark Review Name and give examples of productive resources and
resource payments. How do buyers and sellers act in their own
self-interest? Explain competition. What is the invisible hand.
Benchmark Review Know and explain 4 advantages of the free market?
What is Laissez- Faire? What are the characteristics of socialism
and communism? How does government affect the circular flow
diagram? Benchmark Review Identify several countries that lie in
the continuum from centrally planned and free market economies
Identify 7 basic principles of free enterprise. Name 2 roles of the
consumer in the free market. What is the role of government in the
free market? Benchmark Review What is macroeconomics? What is a
business cycle? What is GDP (gross domestic product)? How does the
government promote economic strength and encourage innovation?
Benchmark Review What role does the government play in fighting
poverty? What government programs attempt to aid those facing
poverty? Explain and list examples of government redistribution
programs. What is Demand? Explain market failure.
Benchmark Review What is a public good? What is a free rider?
Explain market failure. What is an externality (positive and
negative)? What is quantity demanded? What is the Law of
Demand?
Benchmark Review What is quantity demanded? What is the Law of
Demand? What is a demand schedule? What are normal and inferior
goods? What causes a shift in demand? What are complements and
substitutes?
Benchmark Review What causes a shift in demand? What are
complements and substitutes? Know how to read and understand the
demand curve. What is Supply? What is quantity supplied? What is
the Law of Supply?
Benchmark Review What is quantity supplied? What is the Law of
Supply? What effect does price have on supply? What are fixed,
variable and total costs? Benchmark Review What is the relationship
between marginal cost and market price (marginal revenue)? What is
governments influence on supply? Explain the effects on supply for
government subsidies, taxation and regulation. What is equilibrium?
What creates surplus and shortage? What is rationing?
Benchmark Review What creates surplus and shortage? What is
rationing? What is a price ceiling and price floor? What do minimum
wage and rent control create? Benchmark Review In a free market,
how do prices lead to an efficient allocation of resources? How do
buyers and sellers communicate through price? What is considered a
negative side effect of the minimum wage? What is the most obvious
factor affecting demand elasticity? Benchmark Review What curve
shows the relationship between the price and the quantity customers
are willing to purchase at? What is the name of the point at which
supply and demand intersect? While supply is based on willingness
of producers to supply, demand is most likely based on what? What
type of cost occurs when an individual pays for a piano lesson
instead of going to a movie? Benchmark Review What is the most
likely incentive for entrepreneurs to start a business? John is
liable for all the debts of his company. John has which type of
business organization? What is meant by the statement "money is a
medium of exchange"? Before money was invented, how were goods and
services exchanged? Benchmark Review Please use your textbook
(glossary and index) to answer your review questions Use your notes
as well You may use your google machine as well At the end of
class, please cut up your questions and place them in the zip lock
bag; write group members name on the bag with a sharpie Benchmark
Review Bart has decided to buy some water balloons rather than get
an extra milk at lunch. Choosing among economic alternatives is
referred to as Mr. Green is opening a new bakery. He has purchased
an industrial oven. This oven represents which factor of
production? An opportunity cost is