absolute vs comparative and terms of trade
Absolut advantage is being the (blank) at something?
What is best ?
PPC is an abbreviation for?
What is Production possibilities curve?
Demand has to deal with who's behavior?
What is a Consumer?
If quantity of resources increase then the shift will move....
What is outward?
Marginal means...
What is additional?
what is comparative advantage?
What is Producing something at a lower cost than others ?
Ceteris Paribus means....
Fixed resources
Supply has to deal with who's behavior?
What is a Producer?
If the demand in pizza goes down how does the curve shift?
What is no shift?
What does the government receive in exchange for public goods ?
What is Tax money?
What is the Output Method?
What is Other goes Over
What necessitates choice?
What is scarcity?
In law of supply. As price increases, the quantity the producer makes.....
What is Increases?
(blank)- Resources are easily adaptable for producing either good. Results in a straight line PPC
Constant
Rational people think at the....
What is the Margin?
A nation should specialize in the good/service they have (blank) advantage?
What is comparative
The 3 shifters are ?
What is Change in quality and quantity of resource, trade and technology?
What are the 6 determinants of supply?
what are the Change of input price/availability, Change in the price of related goods, Technology, Change of expectations, Number of Competitors, Government Action (subsidies / excise taxes)
If a point is outside the curve then that means that point is.....
what is impossible?
An economists says a person or firm should engage in a transaction if....
What is Marginal benefit equal to or greater than Marginal cost?
What are 3 ways to obtain absolute advantage?
what is producing the most, taking the least amount of time, and using the least amount of resources
When the shifter impacts both goods the new curve is (blank) to the original curve
What is Parallel?
The price of hamburgers rises. Would the supply or demand curve shift?
What is there would be no shift?
The products being produced are the ones most desired by society is a characteristic of.....
Allocative efficiency
first steak: 150 total utility
second steak: 280 total utility
third steak:350 total utility
What is the marginal utility of the 2nd steak
What is 130?