Potent Potables
The line created by a PPC chart is also known as this, which represents the best case scenario of production.
What is a frontier?
This 'S' word is the most basic premise of economics - that we have infinite wants but finite resources.
What is scarcity?
These are the two criteria that have to be present for someone to be economically considered "in demand"
What is desire and ability to purchase?
This is how many inputs there are for GDP in the income model.
What is 4?
This basic economic concept could be exemplified by a customer choosing between a cheeseburger and a bacon cheeseburger while ordering lunch.
What is opportunity cost?
In the 1990s, demand for DVD players was high, but today that demand is very low. This would be represented by this shift in direction of a demand PPC chart.
What is a shift to the left?
This early economist set down a theory that ultimately posited that markets will correct themselves, called the 'Invisible Hand.'
Who is Adam Smith?
This macroeconomic term describes how the value of currency changes over time.
What is inflation?
This is the economic explanation for why someone might be likely to eat one banana in the morning, while being somewhat likely to eat two, not very likely to eat three, and definitely won't eat four.
Compared to Burger King, McDonalds can make hamburgers quicker and for lower capital costs. This is an example of this macroeconomic concept.
What is absolute advantage?
Simon and Etienne get 5 utils' worth of review from answering 10 Jeopardy questions. They get 15 utils from answering 20 questions. This is the marginal utility of the second set of 10 questions.
What is 5?
Changes in economic preferences, locations of labour, and technological advancement cause this macroeconomic issue.
What is structural unemployment?
In the first century, BCE, the second Roman Emperor Tiberius arrested many senators and confiscated their money. His actions caused this devastating impact to the economy.
What is deflation?
This is the ratio of unitary demand elasticity.
What is 1?
A downturn in the economy means that fewer people eat fast food for lunch. Wendy's is forced to lay off some employees from the daytime shift, which is an example of this type of unemployment.
What is cyclical unemployment?
On a PPC chart, if the supply or demand curve is 'flat' it represents this state of supply or demand.
What is high elasticity?
This 'S' word on a PPC chart has a curve that starts with a low quantity and low price, and moves towards high quanities and high prices.
What is a supply schedule?
Televisions, appliances, and vehicles are all just a part of this calculation of commonly purchased goods which is used to determine the rate of inflation.
What is the Consumer Price Index?
Simon and Etienne are stranded on a desert island. Simon can catch 6 fish or gather 2 coconuts in an hour. Etienne can catch 4 fish or gather 3 coconuts. This is the opportunity cost of coconuts for each fish Simon catches.
What is 3?
Harvey's is a burger chain in Canada that uses predominantly Canadian ingredients. The chain therefore positively impacts these 3 expenditure inputs to GDP.
What are consumption, investment, and net exports?
This Latin term is how economists isolate variables to determine what is causing change in a PPC chart.
What is ceteris paribus or "other things being equal"?
These two 'S' words are used to describe a market that is not at equilibrium.
What is 'shortage' and 'surplus'?
In Game Theory, it is predictable that some users will take advantage of other users, and that users will ultimately lose trust if they are wronged. This is the term that describes that scenario where mutually beneficial decisions are rarely made.
On a demand schedule with unitary demand, buyers would buy 20 Tabletop Footballs if the price is $1ea but 0 Tabletop Footballs if they cost $10ea. This is the number of Tabletop Footballs they would buy if the price 3$.
What is 6?
An earthquake disrupts supply chains in northern Europe. Shortly thereafter, A&W raises the prices of Teen Burgers. Assuming that the former affects the latter is an example of this economic fallacy.
What is "post hoc" fallacy OR the fallacy of single causation.