Definitions
week 1
week 2
week 3
P.P.F.
100
a basic condition for when unlimited wants exceed limited resources.
What is the definition of Scarcity
100
scarcity is the unlimited want of something when there is a limited supply of resources.
What is scarcity?
100
a rational decision is one where you weigh out all postive and negatives before making a final decision.
What is a rational decision?
100
the ability for individuals and business to freely trade among themselves.
What is voluntary exchange?
100
full Production
What is the dots on the line?
200
something you can live without
What is the definition of wants
200
labor is the work, or input, from a worker of a company.
What is labor?
200
its a graph showing all production possibilities.
What is production posibilities?
200
a new product
What is an invention
200
over production
What are the dots above the line
300
something you must have to survive
What is the definition of Needs
300
entrepreneur is someone who starts the business.
What is an entrepreneur?
300
specialization is the separation of duties to lighten the load
What is specialization?
300
an update or a fixed product.
What is an innovation?
300
under production
What are dots under the line
400
the produced good from input
What is the definition of output?
400
land is where the company/ plant is developed on.
What is land in productive resources
400
$85 million
how much will SHAW spend to build a new plant?
400
the ability to turn input into output
What is productivity?
400
economic growth
What is it when the line goes outward.
500
how well off a person is, lifestyle
What is the definition of standard of living
500
by limiting the the amount that can be sold to an individual.
how does rationing help save resources?
500
500
What is total number of jobs the new plant will allow
500
what you gain from a trade or a sell, after paying off all debts.
What is profits
500
economic decrease
What is it when the line comes inward?
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