Terms of Trade
Production possibility curve
Marginal Utility
Vocabulary
100
When does specialization occur
What is when individuals, firms, or countries focus on producing goods or services for which they have a comparative advantage
100
What the PPC shows
What is all possible production points given a fixed
amount of resources?
100
Additional cost for consuming one more good or service
What is Marginal Utility?
100
The definition of economics
What is the study of decision making?
200
Who makes more of a good or service
What is absolute advantage?
200
A linear production possibilities curve indicates
What is constant opportunity costs?
200
Additional benefit for consuming one more of a good or service
What is marginal benefit?
200
Definition of scarcity
What is human wants are unlimited while resources are limited
300
Producing a good or service at a lower opportunity cost
What is comparative advantage?
300
The price of giving up something for something else
What is Opportunity Cost?
300
Making decisions based on additional benefit vs. additional cost
What is marginal analysis?
300
The factors of production
What is Land, Labor, Entrepreneurship, and Capital?
400
if a country exports 50 dollars' worth of product in exchange for 100 dollars' worth of imported product, that country's terms of trade are
What is 50/100= 0.5?
400
Causes of Economic growth
What is Quantity of resources, Quality of resources, and Technology
400
Marginal cost formula
What is 
400
Definition of utility in Economics
What is satisfaction?
500
How to find the best terms of trade
What is looking at the two opportunity costs and choosing a number that falls between the opportunity costs
500
As you produce more of any good, the opportunity cost will increase
What is law of increasing opportunity costs?
500
The law of diminishing marginal utility
What is as a person consumes more of a particular good or service, the additional utility or satisfaction they derive from each additional unit will eventually decline.
500
Production possibilities curve
What is a graph that shows alternative ways to use an economy productive resources?