Who does Scarcity affect?
Everyone
What factor of production is zinc & oil
Land (Natural Resources)
Where is the point being produced most efficiently for butter and Guns?
D
Paying rent instead of purchasing tickets to a concert is an example of —
Oppurtunity Cost
In terms of resources, what do households provide for businesses?
Labor
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?
what Factor of production is a Doctor doing surgery for a patient?
Labor
What could cause the PPC line to grow?
New Technology
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?
What does each letter represent?
Household, Product Market, Firms, Factor Market
Scarcity is a basic Economic problem because?
Unlimited human wants in a world of limited resources
what factor of production is getting proper training for working at HEB?
Human Capital
What is the Y and X mean?
Unattainable & Inefficent
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?
What factor of production is Tesla?
Entrepreneurship