Economic Principles
PPC
Economic Systems
Random
Mr. Doyle
100
Define scarcity
What is having unlimited wants with limited resources
100
What a PPC graph measures
What is production possibilities for a group of people / country
100
The three questions all economic systems must answer (look at the back board)
What is "What is produced," "Who gets it," and "How is it produced"
100
Define utility
What is benefit/satisfaction
100
The team Mr. Doyle cheers for the hardest
What is Notre Dame
200
Define opportunity cost
What is the next best option you are giving up
200
In addition to prodcution possibilities, a PPC also show this which can be calcualted
What is opportunity cost
200
The economics system where the government coontrols the four factors of production
What is a command economy
200
The difference between physical and human captial
What is physical capital are machines or products that help produce faster and human capital is the education or training of workers
200
The high school that Mr. Doyle went to
What is Grandville High School
300
Define the cost benefit principle
What is if B > C = making the choice / C > B ≠ making the choice
300
The point on the graph that is impossible to produce
What is point C
300
The economic system where the people control the four factors of production
What is a market economy
300
The direction a PPC would shift if a new source of iron was discovered for a steel mill
What is it would shift to the right (increase)
300
The sport did Mr. Doyle play in college?
What is baseball
400
Define the marginal principle
What is people will make choice in small quantities (marginal increase with each choice)
400
The four ways to SHIFT the PPC
What is increasing the four factors of production
400
The main difference in beliefs between Adam Smith and Karl Marx
What is Smith believed in a capitalist/market economy and and Marx believed in a communist/command economy
400
The direction a PPC curve would shift in a company did not train their staff
What is it would shift to the left
400
The number that Mr. Doyle wore as an athlete in college (1-20)
What is 19
500
Define the interdependence principle
What is the best choice is dependent on your circumstances and situations
500
Illustrate a correct PPC for this production schedule for Good Y and Good X
...
500
Illustrate a completely correct Circular Flow Model
...
500
Define decreasing marginal utility
What is every time you make a small decision, the benefit of that decision goes down
500
the number of teachers that are in Mr. Doyle's family
What is 7