Terms
Concepts
Name that Scarce Resource
Random
Shift of the Frontier/Movement along the Frontier
100
Opportunity Cost
What is the value of the next-best alternative given up when that choice is made
100
Because the government does THIS to student loans, colleges are able to continually increase their tuition
What is subsidizes
100
The money in your pocket
What is Physical Capital
100
The percentage of the Greek population that works for their government
What is 75%
100
The number of farm and factory workers in the country increases
What is a shift of the frontier
200
The study of the way things should be rather than the way things are
What is Normative Economics
200
One focuses on how people make decisions and the other focuses on the study of the economy as a whole
What is the difference between Microeconomics and Macroeconomics
200
The effort you exert in mowing your lawn
What is Labor, Human Capital
200
Going to the movies, as opposed to practicing your shooting, is an example of this
What is a tradeoff
200
There is an increased need by the military for guns
What is movement along the frontier
300
This indicates all of the possible combinations of two goods that can be produced in one period using all available resources
What is Production Possibilities Frontier (PPF)
300
The concept of opportunity cost is based on
What is Scarcity
300
Gasoline purchased to run your car
What is Land, Physical Capital
300
An obvious opportunity cost for going to school after high school is this.
What is earning money/having a job
300
New resources are discovered that permit more production of textbooks and basketballs
What is a shift of the frontier
400
Positive Economics
What is the study of what the world is like and why it works the way it does
400
The economy crashed because too many, untrustworthy people were given these.
What are mortgages or loans
400
The water and fertilizer used on your lawn
What is Land, Physical Capital
400
A resource that can be used to make some good or service but is not being used to produce anything
What is an Idle Resource
400
The amount of textbooks the citizens want to buy increases
What is a shift of the frontier
500
Society
What is a collection of people who share a common bond, such as those living in a city, a country, or even the entire world.
500
The concept of choice would become irrelevant if this happened.
What is scarcity being eliminated
500
Your textbook and its contents
What is Human Capital, Land, Physical Capital
500
The highest median starting salary for for selected majors for the college class of 2012
What is Engineering
500
Resources used to produce goods or services other than textbooks and basketballs have been depleted
What is no change
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