Economic Thinking/Systems
Production Possibilities Curve
Absolute and Comparative Advantage
Supply
Demand
100

The idea of satisfying unlimited wants with limited resources is...

What is scarcity?

100

A PPC illustrates main concepts, name 2.

Scarcity, Opportunity Cost, Trade offs, efficiency

100

People are not going to want to trade unless...

What is People are made better off

100

What is the Law of Supply?

What is Quantity increases, Price increases

100

What is the Law of Demand?

What is Quantity increases, Price decreases

200

If Gabby is deciding to either go to Starbucks or Caribou, and she deciding to go to Caribou. What was the opportunity cost of that decision?

What is Starbucks?

200

The Law of Increasing Opportunity Cost is demonstrated by which kind of PPC?

Increasing(bowed out) curve

200

Comparative Advantage means that one country can produce more ________ than another. Fill in the Blank

What is efficiently

200

While supply can be applied to products, it can also be applied to the market of...

What is Resources

200

Which way does a demand curve shift?

What is left or right

300

If the cost of Lili going to college is the tuition and room and board money, what type of cost is this?

What is Explicit Cost?

300

To be considered efficient, where does a point need to be located on a PPC?

What is On the curve

300

If 2 countries are comparing the amount of resources needed to produce the same amount of product, what method would we need to find comparative advantage?

What is Input Method

300

What shifts quantity supplied?

What is Price of the original good

300

There are 3 different reasons for the demand slope to go downwards, name one

Diminishing marginal utility, Income effect, Substitution effect

400

There are 3 main economic questions a government has to answer when setting up their economy. What are they?

What is 

What to produce?, How to produce?, Who consumes what is produced?

400

What 2 things can move a PPC curve?

What is Quality or Quantity of resources

400

If 2 countries are comparing the amount of products produced using the same amount of resources, what method would we need to find comparative advantage?

What is Output Method

400

What is the acronym we used for the determinants of supply

What is #TIGER

400

What is the acronym we used for the determinants of demand

What is #IPET

500

What are the 4 factors of production?

Land, labour, capital, Entrepreneurship

500

What is a real life example of the United States not producing efficiently?

What is The Great Depression

500

Which graph can we use to visualize comparative advantage?

What is PPC

500

The government decided to increase taxes and penalties on off-shore drilling, what will happen in the market of gasoline?

What is Supply will shift left

500

The holiday drinks were discounted at Starbucks, what happened to the demand curve for Caribou?

What is Demand shifts left