Riggins Econ Chapter 1

All alternatives you give up when you make an economic choice

Type of economics deals with behavior and decision making by small units such as individuals

Activities done for others for a fee are know as what?

What is sport does one of Mr. Riggins daughters play in college?

Benefits to encourage people to act in certain ways are known as what?

Person who buys goods/services.

What would number one represent on the PPC graph?

Work that one person performs for payment that provides something other people want or need.

Who are three Webo employees that have been at WEBO longer than Mr. Riggins?

Which WEBO teacher has a goal of winning a hot dog eating contest?

Physical objects that can be purchased

What does PPC stand for?

What was the name of the product that was bought and sold in Tuesday's simulation?

Water, food, & air are considered a ______________.

What is the basic economic problem deals with what?

Some economists consider this as an additional factor of production

Name of somone who produces goods/services.

The study of how people choose to use resources to satisfy wants and needs.

Who do the Indianapolis Colts play in the NFL playoffs this weekend?

What is Mr. Riggins favorite Major League Baseball team?

What is this diagram called?

What are two resources that have or will lead to war?

After this year, which teacher will have been at Webo the longest?

This occurs when an item is temporarily gone.

Which current WEBO teacher did not graduate from WEBO?

4 factors of production

What is the most common graph used by economists?

Simplified representations of complex economic activities