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

What are the four factors of production?

labour, capital, land, and entrepreneurship

100
The second best choice you gave up when you chose the first best choice.
What is Opportunity Cost
100
United States: 500 bushels of corn Mexico: 400 bushels of corn Absolute Advantage.
What is the United States?
100
Consumers want to buy as much as they can for as little money as possible.
What is the Law of Demand
100
Cattle gets cheaper. The supply of steak...
What is Increases (shift right)...
200
Truck
What is Capital?
200
When an economy operates inside the PPC/PPF.
What is Inefficiency or Underemployment.
200

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

USA

200
Producers want to produce as much as they can and sell it for as much money as they can.
What is the Law of Supply
200
Lebron James releases a new shoe. After winning the NBA Finals the demand for the shoe...
What is Increases (Shifts Right)
300

Dr. Jerome and his experience at building other schools

What is Entrepreneurship?

300
Any point outside the PPC/PPF
What is Unattainable.
300

Panama can produce 100 bananas and 50 sugarcane.

Honduras can produce 160 bananas and 40 sugarcane.

What is Panama’s opportunity cost for producing one unit of bananas? What is Honduras’s opportunity cost for producing one unit of sugarcane?

Panama's per unit opportunity cost for one banana is 1/2 sugarcane. 

Honduras's per unit opportunity cost for one sugarcane is 4 bananas

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

Oakbrookville produces both pizza and tacos. Suddenly, all of the students decide that pizza is inhumane and they will not longer eat it. Does this shift Oakbrookville's PPC? If so, how?

No, Oakbrookville's PPC will not shift. A change in demand does not shift the PPC; it causes a slide along the curve toward tacos and away from pizza production.

400
United States: 100 cars 200 tomatoes France: 90 cars 100 tomatoes Comparative Advantage for Cars
What is France?
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 is Price remains the same.
500
The Moon
What is Land?
500

Rome can produce 500 units of wine and 400 units of wheat.

Carthage can produce 200 units of wine and 300 units of wheat. 

Draw a PPC graph using those production numbers. Which country has the comparative advantage in wheat? Which country should specialize in the production of wine?

Rome can produce 500 units of wine and 400 units of wheat.

Carthage can produce 200 units of wine and 300 units of wheat. 

Draw a PPC graph using those production numbers. Which country has the comparative advantage in wheat? Which country should specialize in the production of wine?

500

Panama can produce 100 bananas and 50 sugarcane.

Honduras can produce 160 bananas and 40 sugarcane.

What would be the mutually beneficial terms of trade? 1 sugarcane for...

Mutually acceptable terms if trade would be 1 sugarcane for any number between 2 and 4 bananas 

500
The point where quantity supplied and quantity demanded meet.
What is Equilibrium Quantity
500
An increase in the demand for bread following a very harsh winter changes the price of bread...
What is... the price of bread increases.