Factors of Production
All natural resources—like water, forests, and mineral deposits—fall under this category.
What is Land
How do you know the OP of something ?
What is Comparing between the choosen alternative and the next best one
This graph shows all the combinations of two goods an economy can produce with fixed resources
What is Production Possibility Curve (PPC)
How much corn is being produced on point A?
What is 80
This factor includes all human effort, time, and talent used to produce goods and services.
What is Labor
A classic example of a scarce resource in your daily life.
What is ...
This question deals with how output is distributed among members of society.
What is For whom should it be produced
Point C represents what?
What is Efficency
This factor links all of the other factors together
What is Entrepreneurship
What is Incentives
What does PPF stand for?
What is Production Possibility Frontier
How much corn is being produced at point F
What is 0
Companys like Nike use machines to produce shoes at a faster rate. This is an example of
What is Capital
You haven't enough money to buy all of the christma's list gifts. This is an example of...
What is Scarcity
This assumption has to do with technology when analyzing the PPC graph. What is the assumption
What is being represented in point E
What is Underutilization/wasting a factor of production
Taking a restaurant as an example, list all of the factors of production.
What is Land - Food, Terrain
Labor - work done by chefs, waiters etc
Capital - The Restaurant
Entrepreneurship - The restaurant's owner
I earn 25$ for fixing my client's computer. This is an example of
What is Utility
Why do we asume only two things can be produced when analyzing the PPC?
What is it simplifies our understanding
Point B reprents what?
What is Point b is not possible with this amount of resources