1
Where on the Production Possibility Curve would the economy be efficient?
Anywhere on the line
When you decide to not purchase an item because it's too expensive is an example of what Economic Principle?
Cost vs Benefit
Where on the Production Possibility Curve would the economy be wasting resources?
Below the line
The extreme cold in the south has damaged a lot of crops and will limit supply. This is an example of what?
Shortage
Making the assumption that more people will buy a product when the price drops is an example of what Economic Principle?
Incentives Matter
The gradual decline in production as additional workers are added is an example of what?
Law of Diminishing Marginal Utility
Not have the ability to pay a cell phone bill because too much money was spent on eating out is an example of what Economic Principle?
Future consequences count
How much money did Meta lose in the last quarter while producing the Meta Glasses?
$6 Billion
A - Ethanol - 55 - Corn Oil - 10
B - Ethanol - 35 - Corn Oil - 25
What is the Opportunity Cost to go from point A to point B?
20 Ethanol
Having the ability to purchase the BEST boots from Ireland is an example of what Economic Principle?
Trade makes people better off
When you make a decision on how to use your limited resources, what are all the other options you could have chosen called?
Trade-off
Where on the Production Possibility Curve would the economy be trying to produce more than the resources allow?
Above the line.
People having the ability to purchase what they want, from whom they want and at a certain price is an example of what Economic Principle
Markets coordinate trade
The person that opens a coffee shop, creates the menu and decides how to make the coffee is an example of what Factor of Production?
Entrepreneurship
Where was the first school Mr. Amos taught at?
Kooskia, Idaho
The wind that turns a windmill is an example of what Factor of Production?
Land
What is the name of Ground hog that saw his shadow?
Punxsutawney Phil
The people that assemble an automobile is an example which Factor of Production?
Labor
If you get a 100% on a test, how much money do you earn?
$100
What is this called:
"How to satisfy our unlimited wants with our limited resources?"
Basic Economic Question
What is Opportunity Cost?
What is given up to produce more of another product.
Corn crops are measured as Bushels per Acre. What is the called?
Production
A - Corn 5 - Wheat 40
B - Corn 10 - Wheat 32
What is the Opportunity Cost to go from point A to point B?
8 - Wheat
You don't have enough time to complete your task is an example of what?
Scarcity
When you decide to study for a test another 20 minutes is an example of what Economic Principle?
Thinking at the margin