Resources
Production Possibility
Advantages
Supply and Demand
Shifters
100
Coach Huber
What is Labor?
100
What's given up to produce something else.
What is opportunity cost?
100
When one country produces a superior product to another
What is Absolute Advantage?
100
Consumers want to buy as much as they can for as little money as possible.
What is the Law of Demand?
100
Farmland becomes cheaper. The supply of crops...
What is increases?
200
Bill Gates
What is entrepreneurship?
200
What it's called when an economy operates inside the production possibility curve.
What is inefficiency
200
One countries ability to produce a product at a lower opportunity cost than another country.
What is Comparative Advantage?
200
Producers want to produce as much as they can and sell it for as much money as they can.
What is the Law of Supply?
200
The Dallas Cowboy's finally become competitive again. The demand for their sports merchandise...
What is Increases?
300
Pluto (which is totally a planet...)
What is Land (not much but still)?
300
The area outside the production possibility curve.
What is unattainable?
300
U.S.: 4 cars. Germany: 8 cars. Germany has this.
What is the Absolute Advantage?
300
As price goes up, so does quantity.
What is Supply?
300
Supply shifts right and Demand shifts left.
What is prices decrease?
400
Industrial Building
What is capital?
400
The more of a unit that you obtain, the less gained from each new unit.
What is diminishing marginal utility.
400
U.S.: 20 trains, 10 planes. Canada: 10 trains, 9 planes. The U.S has comparative advantage for these.
What are planes?
400
Q Supplied=300 units. Q Demanded=200 units.
What is Surplus.
400
Both supply and demand decrease.
What is price stays consistent?
500
1967 Shelby GT 500
What is capital (and an awesome rush...)?
500
As production of a product increases, the cost to produce an additional unit of that product increases as well.
What is The Law of Increasing Opportunity Costs?
500
Calculator Land and Yellow Ball Land.
What is Coach Huber's introduction to advantages?
500
Where Q supplied and Q demanded are equal.
What is the equilibrium point?
500
Winter has finally come after sixteen years, causing an increase in the demand for dragons, however supply remains constant.
What is the price of dragons increases?
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