Economic Scarcity
4 factors of production
PPC
Decisions
circular flow
100
Who does Scarcity affect?
Everyone
100
What factor of production is zinc & oil
Land (Natural Resources)
100
Where is the point being produced most efficiently for butter and Guns?
D
100
Paying rent instead of purchasing tickets to a concert is an example of —
Oppurtunity Cost
100
In terms of resources, what do households provide for businesses?
Labor
200
What is not a basic Economic Question?
What will we Produce?
Who should get the product?
Who will get paid?
How will we Produce it?
Who will get paid?
200
what Factor of production is a Doctor doing surgery for a patient?
Labor
200
What could cause the PPC line to grow?
New Technology
200
Tyler has been saving to buy a car. He went to the dealership but saw a beautiful truck for sale. he ended up going back and forth and purchased the truck. what was the opportunity cost?
opportunity cost was not getting the car but purchased the Truck
200
What does each letter represent?
Household, Product Market, Firms, Factor Market
300
Scarcity is a basic Economic problem because?
Unlimited human wants in a world of limited resources
300
what factor of production is getting proper training for working at HEB?
Human Capital
300
What is the Y and X mean?
Unattainable & Inefficent
400
What are the three economic questions that every society must answer?
What we will produce? How will we produce it? For whom we will produce?
400
What factor of production is Tesla?
Entrepreneurship