Resources (factors of production)
Production Possibility
Comparative Advantage
Supply and Demand
S/D Shifters and Price/Quantity Change
100
Mrs. Taillon
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 in other words they can make more of the product.
What is Absolute Advantage.
100
There is an inverse relationship between price and quantity demanded.
What is the Law of Demand
100
Cattle gets cheaper. The supply of steak...
What is Increases (supply 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
Draw a shortage with all labels correct.
200
Lebron James releases a new shoe. After winning the NBA Finals the demand for the shoe...
What is Increases (Shifts Right)
300
Steve Jobs
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 Demand increase?
300
Supply shifts left and Demand shifts right.
What is Price Increases
400
Thingamajig machine
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
The five shifters of Demand
1-Taste and Preferences
2-Number of Consumers
3-Price of Related goods
4-Income
5-Future Expectations
500
Guida's Farm
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
Comparative Advantage?
Hank and Jeffrey are fishermen that catch Bluefish and Cod. In one day they catch ...
Hank 4 Bluefish/day 6 Cod/day
Jeffrey 24 Bluefish/day 12 Cod /day
OUTPUT QUESTION
Jeff has comparative advantage for Blue fish
Hank has comparative advantage for Cod
500
The workers who produce Thingamajigs go on strike for 3 months. The change, increase or decrease, shifter, after shift what happens to P and Q?
Supply, Decrease, Availability of Resources, P increase, Q decrease
500
The five (or six) shifters of supply.
What are 1- Price/Availability of inputs (resources) 2-Number of Sellers 3-Technology 4-Gov't Action: taxes & subsidies 5-Expectations of future profit 6. other goods' prices