Decision Making
Production Possibilities Frontier
Factors of Production
Social Choices and Objections
Economics Illustrated
100
This measures cost by what we give up/forfeit in exchange; it measures the value of the forgone alternative
What is opportunity cost?
100
This acronym refers to an alternative name for the graphs of this category, not talking about about YouTube here
What is PPC (Production Possibilities Curve)?
100
Sometimes simply raising salary will boost a particular industry, increasing this FOP
What is capital?
100
This statement which describes the world as it is, it feels good to hear straight facts in economics
What is a positive statement?
100
This triangular graph helps most adults keep their bank accounts balance. This two-word term simplifies it for economists
What is budget constraint?
200
This term represents all possible combinations of consumption that someone can afford given the prices of goods and the individual’s income
What is an opportunity set?
200
Remember, economics is not entirely a math class. So when I speak about opportunity cost on a graph, this term is what I mean to show rate of change
What is slope?
200
If you're looking to staff your school with qualified personnel, you may need to boost FOP to occupy those classrooms
What is labor?
200
Mr. Lanier advises you to avoid this kind of statement which describes how the world "should" be, it can get messy
What is a normative statement?
200
Point D would look good for those who want to save those scarce resources, but for the good of society we shouldn't waste it. Also considered this:
What is inefficient?
300
Countries that can produce a good at a lower cost in terms of other goods; or, countries that have a lower opportunity cost of production exercise this power
What is Comparative Advantage?
300
This term that, given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good
What is Productive Efficiency?
300
You being a student-athlete, you can benefit from teachers and nurses under the same roof by using the land-based FOP
What are schools?
300
Adam Smith is at it again with this concept that individuals' self-interested behavior can lead to positive social outcomes
What is the Invisible Hand?
300
What is unattainable?
400
The past is the past! Resources lost in an exchange, once lost they are gone: commonly referred to as this:
What are sunk costs?
400
This concept means that the particular combination of goods and services on the production possibility curve that a society produces represents the combination that society most desires
What is Allocative Efficiency?
400
Pictured here, a lack of this FOP makes it hard for medical professionals to get scans for your injuries
What is technology?
400
The economic synonym for "exchange," this diagram illustrates the individual opportunity set and production possibilities frontier to show the constraints under which individual consumers and society as a whole operate.
What is a tradeoff diagram?
400
If you're on the line, you're just fine! This term means you're using the most appropriate and balance amount of resources for society
What is efficient?
500
When people are making decisions for their economy, the two choices on the axes can be referred to these macroeconomic entities
What are industries?
500
As we get closer to the end of the curve you notice this law, where as we add additional increments of resources to producing a good or service, the marginal benefit from those additional increments will decline
What is the law of diminishing returns?
500
Comedian Bo Burnham had two songs on his "Inside" album about this entrepreneur, taking books and creating a multibillion dollar company
Who is Jeffrey Bezos?
500
This law states that as we consume more of a good or service, the utility we get from additional units of the good or service tends to become smaller than what we received from earlier units. Careful with that next slice of pizza
What is the law of diminishing marginal utility?
500
Nothing pictured here, but you'll see these missing from most production possibilities frontiers. It's hard to quantify the factors of production
What are numbers?