Economic Basics
Resources
Production Possibility
Comparative Advantage
Random
100

The social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants.

What is Economics

100

Ms. C is consider which kind of resource?

What is Labor?

100
The second best choice you gave up when you chose the first best choice.
What is Opportunity Cost
100
When one country is better at making a product than another.
What is Absolute Advantage.
100

What are the 3 economic questions?

What is What to produce, How to produce, and Who to produce for.

200

What are the 4 Factors of Production?

What is land, labor, capital, and entrepreneurship

200

A tractor is consider which kind of resource?

What is Capital?

200
When an economy operates inside the PPC/PPF.
What is Inefficiency or Underemployment.
200
The ability of an economy to produce a good at a lower opportunity cost than another country.
What is Comparative Advantage.
200

What is the Utility Maximization Rule?

What is MUx/Px = MUy/Py

300

The concept that society has unlimited wants but limited resources

What is Scarcity 

300
Phil Knight (Creator of Nike)
What is Entrepreneurship?
300
Any point outside the PPC/PPF
What is Unattainable.
300
United States: 500 bushels of corn Mexico: 400 bushels of corn Absolute Advantage.
What is the United States?
300

What is Human Capital?

What is knowledge, skills, education, and expertise that make workers more productive.

400

The study of small economic units such as individuals, firms, and markets.

What is Microeconomics.

400
Factory Building
What is Capital?
400
This means that the more you have of something, the less utility [satisfaction] you get from each new unit.
What is Diminishing Marginal Utility
400
United States: 100 cars 200 tomatoes France: 90 cars 100 tomatoes Comparative Advantage for Cars
What is France?
400

What are Explicit Costs?

What are out of pocket monetary costs.

500

A centrally controlled economy where the gov't makes all decisions. 

What is Command Economy

500
The Moon
What is Land?
500

What are the 3 shifters of the PPC?

What is a change in Technology, Resources, and Trade

500

Benefit Maximization occurs when....

What is MB=MC

500

What are Implicit Costs?

What are non-monetary costs you incur when making a decision. Opportunity cost. 

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