Economics Unit 2 ESCAPE GAME

Unit 2 Vocabulary Bonus Escape room

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THE MISSION

Use your Unit 2 vocab to earn the first world of the passcode. There will be an escape room for each Unit. All Units must be completed to get the final code sentence for bonus at the end of the semester.

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QUESTION 1/3

In the fictional county of Gacacia, a federal board controls resource allocation. Recently, a policy shift has led to a focus on advancing technology, impacting the production and availability of essential consumer goods. As a result, citizens are experiencing shortages and increased waiting times for basic necessities. The government emphasizes the benefits of prioritizing technological growth, but discontent brews among the population as they grapple with the consequences of this economic direction. The situation raises questions about the county's ability to meet the diverse needs of its citizens. Gacacia is most likely what type of Economy?

Command Economy

Mixed Econonomy

QUESTION 2/3

As a mixed economy, the government could provide education as a public good

In the fictional country of Harmonia, where private industries flourish alongside government initiatives, a pressing challenge emerges. As the nation strives to elevate education for all citizens, regardless of financial means, how does Harmonia strike a balance between private sector involvement and ensuring these essential services remain accessible to the entire population?

As a free market economy, the government could provide education as a public good

QUESTION 3/3

In Prospera, entrepreneurs are thriving, pursuing innovative ventures across various industries. Prospera's economic system is driven by the profit motive and entrepreneurs flourish because the lack of heavy regulations fosters a dynamic business environment, encouraging innovation and competition. However, workers often struggle due to income inequality, limited job security, and a lack of robust social safety nets. Competitive pressures in Prospera result in lower wages, while unequal access to opportunities exacerbate disparities among everyday workers.

Command Economy

Market Economy

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QUESTION 1/3

In a small island nation called Econlandia, the government faces a persistent challenge in allocating its limited resources to meet the diverse needs and desires of its citizens. Despite the government's efforts, it finds that the demand for goods and services consistently exceeds the available resources. Citizens, too, grapple with choices between various wants and needs due to limitations in time and income. Which fundamental economic concept best describes the situation in Econlandia?

Scarcity

Trade Off

Surplus

QUESTION 2/3

$120

This weekend, Marcella can work at Pets4U for $10 an hour for 6 hours each day. Alternatively, she could study for her Economics and American Literature tests which are both scheduled for Monday. Marcella chooses to go to work. What is Marcella's opportunity cost of her decision?

Studying for her Economics and American Literature Tests

Niether, since she will only benefit from this choice

QUESTION 3/3

Marginal Cost

At a local bakery, the head baker is contemplating whether to produce an extra batch of chocolate chip cookies. After calculating the additional costs for ingredients, labor, and energy, it becomes evident that the revenue generated from selling the extra batch would not cover the increased expenses. What economic concept best describes the discouraging factor for producing the additional batch?

Opoortunity Cost

Variable Cost

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QUESTION 1/3

Monopolization

In the fictional country of Progressia, the government is considering transferring ownership and control of a state-owned telecommunications company to a private entity. This move aims to enhance efficiency and innovation in the industry. What economic concept is best illustrated by this shift in ownership?

Privatization

Nationalization

QUESTION 2/3

Marginal Utility

In the bustling city of Efficiencyville, a manufacturing company has implemented new technology and streamlined processes to produce more units in the same amount of time. As a result, the company experiences a significant increase in output per worker. What economic concept best captures this improvement in the company's efficiency?

Marginal Benefit

Productivity

QUESTION 3/3

Incentive

A group of farmers used to individually grow a variety of crops. However, they recently decided to focus on cultivating specific crops each, allowing each farmer to develop expertise in a particular type of produce. What economic concept is best exemplified by this decision?

Specialization

Competition

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The oil that was spilled in the Savannah Harbor, contaminating the fish resources

QUESTION 1/3

A new startup is planning to establish a restaurant in Savannah that emphasizes sustainable and locally sourced ingredients. Which of the following would be an example of a land investment?

The decision makers choice to use equipment manufactured in Pooler, GA

A head chef is hired from the nearby Savannah Culinary Institute who specializes in sustainable culinary practices.

Fresh produce grown in Georgia that is exlusively used in all recipes.

QUESTION 2/3

Human Capital

A new startup is planning to establish a restaurant in Savannah that emphasizes sustainable and locally sourced ingredients. They decide to send all of their sous-chef advance training that will make them more efficient in the kitchen. This would be an example of what type of investment?

Entreprenuership

Physical Capital

Labor

QUESTION 3/3

3 Sous-chefs in addition to 6 line cooks are hired from local restaurants

The pans, oven and stove that was purchased direct from the manufacturer in Pooler, GA

A new startup is planning to establish a restaurant in Savannah that emphasizes sustainable and locally sourced ingredients. Which of the following would be an example of a capital investment?

The investors that are the risk takers in starting this new restaurant

Land was purchased through s deal with the Savannah government as part of the revitalization project.

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QUESTION 1/3

bananas

minions

Assume a Production Possibility Frontier (PPF) with 2 alternatives, bananas and minions. If Gru, an entrepreneur, decides to increase his production of minions, what would the trade off be measured in?

dollars

the moon

QUESTION 2/3

Zoe chooses to work for Mellow Mushroom

Charles is reqired to pay taxes that fund public schools.

Which of the following is NOT an example of voluntary exchange?

Ashante buys apples at the grocery store

Josiah decides to invest in a startup company.

QUESTION 3/3

Marginal Benefit

In Gacacia, the government is considering implementing a policy to encourage citizens to use public transportation instead of private cars. They implement a policy offering a tax reduction for the purchase of mass transit tickets. This policy would be considered what economic term?

Taxation

Incentive

Opportunity Cost

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