PPF
Scarcity
Costs/Benefits
Factors of Production
100

Points on the curve represent

Efficient use of all available resources

100

The fundamental problem of economics is 

Scarcity

100

What is a rational person?

Someone who only acts to best achieve their goals

100

Oil

Land

200

What is one action a company can take to shift from point c to point b? 

Hire more workers, buy more capital goods, utilize new resources, new technology

200

What is one resource every has the same amount of?

Time 

200

When you choose to invest your resources for future economic growth what do you give up?

Consumption today

200

A fisherman's boat

Capital

300

What is the cost and benefits of shifting production from point A to point B?

Cost -100 Phones Benefit +60 Computers

300

What is the paradox of value? 

Value is determined both by scarcity and utility

300

Thinking at the margin refers to?

Making small incremental changes and taking action if marginal benefits outweigh marginal costs

300

A scientist who invents a new prescription drug

Entrepreneur 

400

What are the cost and benefits of shifting from point B to point A?

Cost -60 Computers Benefit +100 Phones

400

Why is water less expensive than gold? 

Water is much more plentiful than gold on Earth. Less scarcity means less value. 

400

What is the difference between Opportunity Costs and Trade-offs?

Trade-Offs are all possible choices Opportunity cost is the second best option you give up

400

A teacher

Labor

500

How can output reach point d in the future? 

Increase any of the factors of production, capital, land, labor, or a new idea

500

TINSTAAFL means?

There isn't no such thing as a free lunch

500
Give an example of a choice you make in your daily life. Provide at least one cost and one potential benefit of that choice

Various Answers

500

How can someone improve their human capital? 

Go to school/training to learn new skills or knowledge, improve their health 

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