Definitions
The fact that people have unlimited wants and limited resources.
Scarcity
Natural Resources not created by human effort that are used to produce goods and services.
Land
Shows/Illustrates the possible combinations of goods and services that can be produced by a single nation, firm or individual given the productive resources available.
PPC Model
Approximately what percentage of the world's economies experience scarcity?
100%
What is Nathans not so favorite car brand?
Ford
Any resources that are made by humans, such as machines, and used to create other goods and services are called.
Capitol
Money, used by businesses to invest in their business.
Financial Capitol
Less than maximum production; using fewer resources than a person/economy/business is capable of.
Underutilization
Coca Cola's decision to build a new factory in Brunswick is an example of what tradeoff?
Business
What is JPs economics catch phrase?
"Mo money mo problems" -Michael Scott
Study of choices people make in light of their desire for unlimited wants but the reality of limited resources.
Economics
Time and Effort devoted to producing goods and services.
Labor
Linear shape of the curve represents a perfect/proportional tradeoff between two goods
Constant opportunity cost
Guns and butter are used are used to represent the classic societal tradeoff between producing
Military or consumer goods
What is one of the most successful Shark Tank Products?
Scrub Daddy
A computer, smart phone, and projector are all goods used for a business. In economics, these are known as what?
Physical Capitol
Business owners who organize the factors of production to bring stuff to the market
Entrepreneurship or Entrepreneurs
An increase in resources and a new production possibilities curve representing economic growth.
A shift outward
A rational decision-maker takes an action if and only if,
A. the marginal benefit exceeds the marginal cost
B. the marginal costs exceed the marginal benefits
C. the marginal cost of the action is zero
D. the opportunity cost of the action is zero
A. the marginal benefit exceeds the marginal cost
When is the next Senior Breakfast?
Thursday
Alternative choices made by consumers, when they essentially give up one thing in order to obtain another.
Tradeoffs
Skills, abilities, and specialized talents of people.
Human Capitol
Name 3 basic economic concepts the PPF Model can be used to model.
Scarcity, tradeoffs, opportunity cost, economic growth, efficiency, unemployment
What is the opportunity cost of a decision?
The most desirable/valued alternative given up in light of the decision you made.
What is the name of Mrs. Kerbys dog?
Piper