Econ Foundations
More Eco Foundations
Production Possibility
Circular Flow
Random
100
a social science that is primarily concerned with how resources are used and choices
Economics
100
What are three factors of production?
land, labor, capital
100
What does A represent?
Underutilized - not utilizing resources
100
the flow of money and goods and services in a capitalist economy
Circular Flow
100
What is the opportunity cost of going from producing 9 wines to 12 wines?
3 grains
200
water, food, shelter
needs
200
Which factor of production would a machine belong to
Capital
200
What does B,D,C represent?
Efficiency
200
In a typical circular flow diagram, what is included
(Hint: there are 4 things)
1. Product Markets, 2. Resource Markets, 3. Households, 4. Businesses
200
What is the opportunity cost of going from producing 40 textbooks to 70 textbooks?
4 computers
300
video games, movies, cars
Wants
300
The _________________ of a decision is the value of the next-best alternative, or what you give up by choosing one alternative over another
Opportunity Cost
300
What does X represent?
Impossible
300
True or False: firms are suppliers in both the product and factor markets
False
300
Give one example of a shortage caused by COVID
answers may vary
400
situation where quantity supplied is less than quantity demanded at a given price
Shortages
400
Why do we have to make choices?
supply of resources is limited
400
What could be a cause of X? (a certain combination of goods and services lies outside of the PPC)
Technology
400
True or False: Households are the demanders in the product markets and suppliers in the factor markets
True
400
Give one example of scarcity
water, land, oil (natural resources)
500
condition that results from society not having enough resources to produce all the things people would like to have
Scarcity
500
What does the "central economic problem" result from?
unlimited human wants with limited resources
500
What does the rightward shift on a PPC/PPF represent?
:max_bytes(150000):strip_icc()/dotdash_Final_Production_Possibility_Frontier_PPF_Apr_2020-02-e9454501b961401d85bb9ded84878dee.jpg)
Economic Growth
500
True or False: Households are demanders in both the product and factor markets
False
500
Draw a PPC for the following data:
Cars: 50 40 25 12 0
Vans: 0 5 12 20 30