Marginal Costs and Benefits
This refers to the value of money that has been used to produce something or deliver a service?
What is a cost?
This is something that puts one in a superior position.
What is an advantage?
This is the situation in which a country can produce a good at a lower opportunity cost than another country
What is comparative advantage?
This refers to the situation in which a producer chooses to only produce one thing.
What is specialization?
This question is what is usually on the board at the beginning of each class period.
What is a bell ringer?
This term is commonly used to describe the cost to produce one additional unit of production.
What is marginal cost?
This is the situation in which a country can produce MORE of a good than another country can produce with the SAME quantity of resources.
What is absolute advantage?
If someone has the comparative advantage, they will always have the lower THIS.
What is opportunity cost?
This is the act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
These are two items that Ms. Knight specifically said you might need on Tuesday.
What is your iPad and a calculator?
If I am trying to choose between getting another piece of pizza or not, I think about the fact that I really like pizza, and haven't had it in a long time. The italicized phrase is commonly known as this.
What is a marginal benefit?
China makes up to 150 units of ink, while Sweden makes up to 25 units of ink. This country has the absolute advantage in making ink.
What is China?
If a country has the comparative advantage in a product, they should choose to do this.
What is specialize?
Those countries wishing to specialize in a product will have this advantage over the product.
What is comparative advantage?
This is Ms. Knight's actual first name.
What is Kathryn?
This refers to the idea that as a person consumes additional units of a good, the utility (satisfaction) gained from each additional unit decreases.
What is the Law of Diminishing Marginal Utility?
This teacher's classroom is next to Ms. Knight's room.
Who is Ms. Rosswurm?
What is Emperor's New Groove?