Economic Thinking/Systems
The idea of satisfying unlimited wants with limited resources is...
What is scarcity?
A PPC illustrates main concepts, name 2.
Scarcity, Opportunity Cost, Trade offs, efficiency
People are not going to want to trade unless...
What is People are made better off
What is the Law of Supply?
What is Quantity increases, Price increases
What is the Law of Demand?
What is Quantity increases, Price decreases
If Gabby is deciding to either go to Starbucks or Caribou, and she deciding to go to Caribou. What was the opportunity cost of that decision?
What is Starbucks?
The Law of Increasing Opportunity Cost is demonstrated by which kind of PPC?
Increasing(bowed out) curve
Comparative Advantage means that one country can produce more ________ than another. Fill in the Blank
What is efficiently
While supply can be applied to products, it can also be applied to the market of...
What is Resources
Which way does a demand curve shift?
What is left or right
If the cost of Lili going to college is the tuition and room and board money, what type of cost is this?
What is Explicit Cost?
To be considered efficient, where does a point need to be located on a PPC?
What is On the curve
If 2 countries are comparing the amount of resources needed to produce the same amount of product, what method would we need to find comparative advantage?
What is Input Method
What shifts quantity supplied?
What is Price of the original good
There are 3 different reasons for the demand slope to go downwards, name one
Diminishing marginal utility, Income effect, Substitution effect
There are 3 main economic questions a government has to answer when setting up their economy. What are they?
What is
What to produce?, How to produce?, Who consumes what is produced?
What 2 things can move a PPC curve?
What is Quality or Quantity of resources
If 2 countries are comparing the amount of products produced using the same amount of resources, what method would we need to find comparative advantage?
What is Output Method
What is the acronym we used for the determinants of supply
What is #TIGER
What is the acronym we used for the determinants of demand
What is #IPET
What are the 4 factors of production?
Land, labour, capital, Entrepreneurship
What is a real life example of the United States not producing efficiently?
What is The Great Depression
Which graph can we use to visualize comparative advantage?
What is PPC
The government decided to increase taxes and penalties on off-shore drilling, what will happen in the market of gasoline?
What is Supply will shift left
The holiday drinks were discounted at Starbucks, what happened to the demand curve for Caribou?
What is Demand shifts left