Just the facts	What’s the cost?	Possibilities	Market Systems	Going to the market
10 Land, labor, capital and entrepreneurial ability What are the factors of production?	10 Your second choice What is opportunity cost?	10 Displays the different combinations of the goods and service society can produce What is the production possibility curve?	10 Copyrights Trademarks What are property rights?	10 Swapping goods or goods What is barter?
20 Apples Water in a dam What is land?	20 cost of an additional item What is marginal cost?	20 Level of employment on the curve What is full employment?	20 Gives direction to the market What is self-interest?	20 medium of exchange What is money?
30 Factory workers accountants What is labor?	30 The opportunity cost of buying a quaterpounder rather than 2 Big Mac’s What is 2 Big Mac’s?	30 All combinations below the curve What is inefficient?	30 Freedom of buyers and sellers to enter or leave the market What is competition?	30 Consumers register their wants in the market What is “dollar votes”?
40 Pizza ovens at Domino’s What is capital?	40 The opportunity cost of going to college instead of traveling in Europe for a year What is traveling in Europe for a year?	40 All combinations beyond the curve What is unattainable?	40 Brings together buyers and sellers What is a market?	40 Determines the types and quantities of goods produced What is consumer sovereignty?
50 Bill Gates Donald Trump What is an entrepreneur?	50 The opportunity cost to change the production from 3 million cars and 7 million shoes to 4 million cars and 5.5 million shoes What is 1.5 million shoes?	50 Fixed in the model What is technology?	50 Enables owners to employ or dispose of their personal property and money as they see fit What is freedom?	50 Goods and service one trader wants is the same as another has to trade What is coinciodence-of-want?

Micro or Macro	Economic Systems	Circular Flow	I see that hand	Questions?
20 The gross profits of all businesses were $182 billion last year What is Macroeconomics?	20 Limited government What is a market system?	20 Own the resources What are households?	20 Author of Wealth of Nations What is Adam Smith?	20 Combinations and ways that minimize the cost per unit of production How will goods and services be produced?
40 The price of beef declined by 3 percent last year What is Microeconomics?	40 Central planning What is a command system?	40 Rent, wages and interest What is payment to households?	40 Promotes the public and social interest What is the invisible hand?	40 Rapid spread of technology How will the system promote progress?
60 The price of personal computer declined last year What is Microeconomics?	60 Most Eastern European nations What is transition from a command to a market system?	60 Businesses sell Households buy What is the product market?	60 Resources used for the goods and services society wants What is efficiency?	60 Goods and services make a profit What will be produced?
80 Unemployment was 6.8 percent of the labor force last year What is Macroeconomics?	80 Planners had to direct required inputs to each enterprise What is a command system?	80 Buy resources Sell products What are businesses?	80 Encourages skill acquisition, hard work, and innovation What is an incentive?	80 Adjustment in the economy in response to change in consumer taste How will the system accommodate change?
100 General Motors’ profit increased last year What is Microeconomics?	100 Workers do not gain from introducing new and improved products What is a command system?	100 Payment to business Price * quantity What is revenue?	100 Market system permits – thrives on What is freedom?	100 Consumers with the income and a desire to make a purchase Who will get the goods?