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

Mr. Rice

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
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
The ability of an economy to produce a good at a lower opportunity cost than another country.
What is Comparative Advantage.
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
Phil Knight (Creator of Nike)
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 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
Factory Building
What is Capital?
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 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
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

What a country should do when it has a comparative advantage?

specialize and trade

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.