Scarcity, Choice, and Opportunity Costs
What is the rule to determine if you should continue doing something or not?
What is when the marginal benefit > marginal cost or if MB=MC
By engaging in international trade nations can effectively __________ their ________
What is increase their production possibility curve, shift right.
A business where you are the only employee
What is a sole proprietorship
LETS GO!
The reason for the Productions Possibility Curve being curved is....
What is increasing opportunity costs.
The reason for the PPC curve being curved is?
What is increasing opportunity cost
A business structure that makes 90% of the money in this country
What is a corporation
What is Economics?
What is the study of choice
List 4 Factors of production.
What are land, labor, capital, entrepreneurship.
This is point that most likely represents the United States current production (inside the PPC line)
What is inefficient, because of high unemployment (inefficient use of resources).
This is the point most likely that represents the United States current Production? (Inside the PPC line)
What is inefficient
A business structure with more than 1 person, usually two or three people as owners
What is a partnership
Using the chart below what is the marginal benefit of the 3rd hour studying economics?
Hours Spent Studying Grade on Gov Grade on Econ
1 50 40
2 75 70
3 87.5 90
What is 20 points
What is the point on the PPC curve when a country is using all of its resources as well as possible?
What is Effective
What does it mean if the PPC curve is a straight line (linear) not curved?
What is opportunity cost is constant
What business makes the most sense for this person, they have the skills to make cakes, but not the capital and want some control of the company
What is a partnership
Assume you have 3 hours to study what combination is best to achieve the highest combined grades?
Hours Spent Studying Grade on Gov Grade on Econ
1 50 40
2 75 70
3 87.5 90
What is 2 hours of econ and 1 hour of Gov
A grass football field outside is an example of what kind of capital
What is physical capital
When we move from on the PPC line to outside of it we went from ______ to ______
Thailand can make 10 phones or 30 Ipads
Mexico can make 5 phones or 20 Ipads
What is the opportunity cost of 1 phone for both Thailand and Mexico?
What is
Thailand 10=30/10 1 phone = 3 Ipads
Mexico 5=20/5 1 Phone = 4 Ipads
List 3 different business structures
what is entrepreneurship, partnership, and corporation
Q Using the Table, assuming you only have 4 hours to study what is the marginal cost of 3rd hour studying economics?:
Hours Spent Studying Grade on Gov Grade on Econ
1 50 40
2 75 70
3 87.5 90
What is you lose 25 points on your gov test