WHAT IS ECONOMICS
GRAPHING
PPF
100
The study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments.
What is Microeconomics?
100
Change in y-axis / Change in x-axis
How do you solve for the slope of a line?
100
Where we achieve production efficiency?
Anywhere along the PPF Curve
200
The benefit from pursuing an incremental increase in an activity
What is Marginal Benefit
200
A relationship where two variables are moving in the same direction
What is a Positive Relationship
200
When we cannot produce more of any one good without giving up some other good that we value more highly
What is Allocative Efficiency
300
The 4 Factors of Production
What is Land, Labour, Capital & Entrepreneurship.
300
Ceteris Paribus
Ceteris paribus means “if all other relevant things remain the same.”
300
Two key factors in Economic Growth?
Technological change Capital accumulation
400
The highest-valued alternative that must be given up to get what you desire.
What is opportunity cost
400
A relationship where two variables are moving in opposite directions
What is a Negative Relationship
400
When does someone have a Comparative Advantage?
When that person can perform the activity at a lower opportunity cost than anyone else.
500
A statement expressed by opinion.....and cannot be tested.
What is a Normative Statement
500
An factor that could cause a graph to shift
Change in Temperature Change in Days / Time Addition / Subtraction of Resources
500
When Marginal Cost = Marginal benefit
Equilibrium
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