Basics
Everybody makes these when we are shopping, hanging out with friends, studying at home, planning a trip. What are they?
What are decisions?
This measures a country's output and economic health
What is gross domestic product
What factor of production is considered a school teacher?
What is labor
The separation of tasks to become more efficient?
What is specialization
Imagine a country that produces computers and clothing. Due to a new technological innovation in computer production, the country is now able to produce more computers with the same resources.
What is shift curve to the right.
The basic economic problem that arises because people have unlimited wants but resources are limited.
What is scarcity.
The high value of something with no necessity vs the low monetary value of a nonessential item?
What is the paradox of value?
The value of the next best alternative
What is opportunity cost
The amount of output in a specific amount of time with a given amount of resources is
What is productivity
There is a decrease of quality and quantity of resources in this economy
What a shift to the left
A general increase in prices and a fall in the purchasing value of money.
What is inflation?
Consumers waiting in long lines for a new product is an example of
What is consumerism
What is a possibilities production curve
What increases efficiency while completing a job with different parts of labor
What is division of labor
A point that is lower on the PPC than the middle. Imagine the point is all the way to the right on the curve
What is a decision of the production of capital goods
The resources needed to produce goods and services: land, labor, capital, and entrepreneurship.
What are the factors of production?
A car is an example of what type of good?
What is durable good
Having a responsibility of having knowledge about products....
What are Consumer Rights
An item or good that lasts fewer than 3 years when used everyday.
A good that lasts longer than 3 years when used everyday.
What is a non-durable good
What is a durable good
What does it mean when a country operates inside its PPC, and what actions are needed to move back to the curve?
What is investing in more resoruces.
What are the 3 basic questions every economist needs to answer?
What to produce?
How to product it?
Whom to produce it for?
A Nations wealth is made up of.....all
what are tangible and intangible items (sum)
An increase in a nations output of goods and services
What is economic growth
The most comprehensive measure of a nations wealth is provided by
What is gross domestic product
A country’s PPC shows that it can produce a maximum of 100 computers and 200 tablets. However, due to increased demand, the government sets a goal of producing 150 computers and 250 tablets.
What is a movement of the point to the left on the curve