Opportunity Cost
Definitions
Miscellaeneous
PPC Curves
Examples
100
The Opportunity cost of going from point A to Point B is
20 Units of Good X
100
The ongoing tension of not having enough resources to meet human wants is called
Scarcity
100
T/F: There is no such thing as a free lunch
True
100
New technology would cause an economy's PPC curve to shift to the _________
right
100
Food is an example of a _________ good
nondurable
200
The opportunity cost of going from Point D to Point C is
2 units of good Y
200
Physical products that can be purchased are called
Goods
200
What are the three main questions in economics?
What, How, and for Whom to produce
200
Half of a farm's land being used for a aparking lot would cause the farm's PPC to shift to the_______
Left
200
Food, clothing, and shelter are examples of
Needs
300
What is the opportunity cost of goping from point C to Point A?
8 units of good Y
300
The human time and effort that go into the making of products is called
Labor
300
Who is considered the father of economics?
Adam Smith
300
Which point is considered efficient?
Point H
300
Economists use models to
simplify the economy
400
The Opportunity Cost of going from 5 Clothing to 15 clothing is
50 Units of Food
400
The value of what you give up by choosing one alternative over another is called
Opportunity Cost
400
Mr. Casey's favorite football team is
The Jets
400
Which point indicates a recession?
Point F
400
The four factors of production are
Land, Labor, Capital, and Entrepreneurship
500
The opportunity cost of going from 50 food to 90 food is
5 units of clothing
500
sum of people’s skill, abilities, health and motivation is called
human capital
500
T/f: Individuals provide their land, labor, capital and entrepreneurship in the ___________
Factor Market
500
What point(s) could be considered impossible in this graph?
Point E or Point D
500
Tools, equipment, and factories are examples of
Capital