Scarcity, Choice, and Opportunity Costs
An increase in PPC results in a shift to the ______
What is the right
What is Marginal Benefit?
What is the benefit of adding one additional good
A business where you are the only employee
What is a sole proprietorship
LETS GO!
The reason for the Productions Possibility Curve being curved is....
What is increasing opportunity costs.
What is Marginal Cost
What is the cost of adding one additional Unit
A business structure that makes 90% of the money in this country
What is a corporation
How can you cause a shift in the PPC line?
What is an increase or decrease in any of the factors of production
List 4 Factors of production.
What are land, labor, capital, entrepreneurship.
This is point that most likely represents the United States current production (inside the PPC line)
What is inefficient, because of high unemployment (inefficient use of resources).
What is the Law of thinking on the Margin?
What is you will continue to do things until the marginal cost out is greater than the marginal benefit
A business structure with more than 1 person, usually two or three people as owners
What is a partnership
List all of the business structures that are relatively easy to start and stop
What are sole proprietorship and partnership
This is point that most likely represents the current production of Jamaica (On the PPC line)
What is efficient
You can spend 1 hour studying and get a 40% on your Math test, the second Hour studying your grade becomes a 60%, the Third Hour studying your grade becomes a 70%. What is the Marginal Benefit of the second hour studying and what is the marginal benefit of the third hour studying?
What is 2nd hour benefit is 20% on your math test, and 3rd hour studying 10% on your math test
What business makes the most sense for this person, they have the skills to make cakes, but not the capital and want some control of the company
What is a partnership
This is point that most likely represents the current production of Germany (Outside the PPC line)
What is unattainable
A grass football field outside is an example of what kind of capital
What is physical capital
When we move from on the PPC line to outside of it we went from ______ to ______
You can spend 1 hour studying and get a 40% on your Math test, the second Hour studying your grade becomes a 60%, the Third Hour studying your grade becomes a 70%. Which hour studying is the most effective?
List 3 different business structures
what is entrepreneurship, partnership, and corporation
What is fair terms of trade in terms of cars
US 15 cars or 15 bicycles
China 10 cars or 20 bicycles
What is 1 car for 1.5 bicycles