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Resources
Production Possibility
Comparative Advantage
Supply and Demand
S/D Shifters and Price/Quantity Change
100

Spongebob

What is Labor?

100

The second best choice you gave up when you chose the first best choice.

What is Opportunity Cost?

100

When one country is better at making a product than another.

What is Absolute Advantage?

100

As price goes up, demsand goes down.

What is the Law of Demand?

100

For every 1% of cyclical unemployment, a 2% GDP negative gap is created. This is known as

What is Okun's Law?

200

Machinery

What is capital resources?

200

When an economy operates inside the PPC/PPF.

What is Inefficiency or Underemployment?

200

The ability of an economy to produce a good at a lower opportunity cost than another country.

What is Comparative Advantage.

200

When price goes up, supply goes up.

What is the Law of Supply?

200

Josh Allen wins the Super Bowl. He then releases a new line of sports gear. What happens to Demand? In which direction does the Demand curve shift? 

What is increases and shifts right?

300

Elon Musk

What is Entrepreneurship?

300

Any point outside the PPC/PPF

What is Unattainable?

300

United States: 500 bushels of corn Mexico: 400 bushels of corn.

Who has an absolute advantage? 

What is the United States?

300
As price goes up, so does quantity.
What is Supply?
300
Supply shifts left and Demand shifts right.
What is Price Increases
400

Iron ore

What is Land?

400
This means that the more you have of something, the less utility [satisfaction] you get from each new unit.
What is Diminishing Marginal Utility
400

United States: 100 cars 200 tomatoes 

France: 90 cars 100 tomatoes 

Who should do what?

France - cars

USA - tomatoes

400

Quantity Supplied is at 300 units. Quantity Demanded is at 200 Units. 

What is Surplus?

400

Demand shifts Left and Supply shifts Left. What happens to price?

What is Price remains the same?

500

Money 

What is financial capital? It is NOT a factor of Production. 

500
As production of a product increases, the cost to produce an additional unit of that product increases as well.
What is The Law of Increasing Opportunity Costs
500

Country A can produce one truck for every three cars it produces.

Country 'B' can produce one truck for every 4 cars it produces.

Comparative advantage - who should do what?

What is:

'A' trucks

'B' cars

500

The point where quantity supplied and quantity demanded meet.

What is Equilibrium?

500

An increase in the demand for bread follows a very harsh winter. What happens to prioce?

What is... the price of bread increases?