Definitions
Production Possibilities Curve
Factors of Production
Types of Economies
Markets and Misc
100
Temporary lack of one or more goods
What is a shortage
100
Which of the following is NOT shown on a PPC curve? a. all of the goods and services an economy has the ability to produce. b. the efficiency of an economy c. whether an economy has grown or shrunk d. the opportunity cost of a decision to produce more of one good or service.
What is "A"
100
The resources used to make all goods and services are called:
What are the factors of production
100
The Amish are an example of this type of economy
What is Traditional Economy
100
This is the struggle among various producers for consumer's business
What is competition
200
The most attractive alternative that is given up when an economic decision is reached.
What is opportunity cost
200
What does a PPC show? a. scarce and less scarce resources b. global trade-offs and the cost of doing business c. an economy that is producing but not at the maximum d. the maximum amount that an economy can produce given a set level of resources.
What is "D"
200
These are the four factors of production
What are land, labor, capital and entrepreneurship.
200
All modern economies are....
What is mixed
200
This doctrine believes that the government should not interfere in the marketplace.
What is Laissez Faire
300
The line that shows different production possibilities for an economy.
What is a production possibilities frontier
300
The PPC line is curved when it is charted because.. a. the underutilization of resources b. the maximum output of goods and services c. the increasing opportunity costs d. the technological level of the economy's productivity
What is "C"
300
Which of the following lists would an economist consider to be land? a. factories, office buildings, assembly lines, workers. b. farm fields, tractors, pesticides, fertilizers. c. dams, bridges, rock quarries, oil wells d. iron ore, natural gas, fertile soil, water.
What is "d"
300
In this type of economy the government owns all of the factors of production
What is Centrally Planned
300
Why do markets exist? a. To ensure that the gov't does not intervene in the production of goods and services. b. To provide a place where self sufficient people can exchange ideas c. To ensure economic equity d. To allow people to buy what they need and sell goods and services that they produce.
What is "D"
400
The basic economic condition of all goods and services
What is scarcity
400
What can cause the PPC to shift to the right? a. Thousands of people move out of the country b. A new invention lowers the cost of production c. An epidemic kills thousands of young men and women d. The population is growing increasingly old.
What is "B"
400
The physical capital used by a woodworker to make furniture would include a. saws and drills b. wood and glue c. hard work and time d. a workshop and money
What is "A"
400
Theses are the three basic economic questions
What is for whom to produce, how to produce and what to produce.
400
This type of economy is found in the US
What is a free market economy
500
This economic system is based on the belief that democratic means should be used to distribute wealth evenly throughout a society.
What is socialism
500
What are the two labels on the x and y axis of the PPC graph when illustrating the USA?
What are capital and consumer goods
500
One example of an entrepreneur is: a. A writer who is hired by a film studio to adapt a novel into a screenplay. b. a lawyer in a high profile law firm that specializes in business law c. an Olympic ice skater who later decides to join a professional ice show d. an artist who runs a business painting murals in office buildings and restaurants.
What is "D"
500
In this type of economy, some of the factors of production are owned privately and others are owned by the government.
What is Socialism
500
This is the formula for calculating opportunity cost
What you gave up/what you produced
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