Scarcity and Opportunity Cost
Comparative Advantage
Supply
Demand
Equilibrium
100
This is what you give up when you make a decision.
What is Opportunity Cost?
100
This is when a country can make more of a product than another country.
What is absolute abvantage?
100
A change in price would not have an effect on supply but this instead.
What is quantity supplied?
100
A change in price would not have an effect on demand but instead this.
What is quantity demanded?
100
What happens when quantity demanded is less than quantity supplied because price is too high.
What is a surplus?
200
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
200
This is when a country has a lower opportunity cost to produce an item.
What is comparative advantage?
200
This is an effect of supply increasing.
What is an decrease in price and increase in quantity?
200
This is an effect of supply decreasing.
What is price decrease and quantity decrease?
200
In order for this to be effective it needs to be placed below equilibrium.
What is a price ceiling?
300
Products with this type of opportunity cost have different resources and have a bowed out PPC.
What is increasing?
300
This can be determined once you know which country has comparative advantage, and the countries are going to specialize and trade.
What are the Terms of Trade?
300
A new technology being developed that makes work more efficient for an industry.
What is an example of an increase shifter of supply.
300
A new report comes out saying that salmon is the healthiest fish you can eat.
What would cause an increase in demand?
300
This happens to price and quantity when demand increases and supply also increases.
What is quantity increases but price is unknown?
400
This is a point outside of the current PPC.
What is unattainable?
400
The country that has the comparative advantage in planes.
Who is the United States?
400
This would be caused by increasing workers wages.
What would cause a decrease in supply?
400
The idea that the more you buy of something the less satisfaction you get and why the demand curve is downward sloping.
What is the law of diminishing marginal utility?
400
This would happen to the supply and demand of pizza if there was a new tik tok trend using pizza at the same time there was a tomato shortage.
What is supply would decrease and demand would increase.
500
The PPC shifting to the right shows this.
What is economic growth?
500
This is the amount of planes that should be traded for one cruise ship after specialization.
What is 7, 8, or 9?
500
These are the shifters of supply.
What is resource price, technology, related goods, expectations, and number of producers?
500
These are the shifters of demand.
What are preferences, related goods, income, expectations, and number of buyers?
500
This would happen to price and quantity in the boot market if there was a leather shortage at the same time the median income in the US increased.
What is prices would increase and quantity would be unknown?