Day 1
All resources are ___
Scarce.
Phrase that refers to military vs. domestic spending
"Guns or butter."
When an economy grows, the PPF shifts __
To the right.
Human effort that can be applied to production
Labor
Instead of the word "move" Mrs. Bartolazzi would like us to use __
Shift.
The next best choice that could have been made
Opportunity Cost.
The act of giving up one benefit in order to gain another, greater benefit
Trade-off.
Line on the graph that shows the combination of two goods being produced
Production Possibilities Frontier.
Used for production of goods/services and found in nature
Land
Baseball player who graduated from TWHS and now plays for the Colorado Rockies
Drew Romo.
Factors of Production
Land, Labor, Capital
TINSTAAFL
There is no such thing as a free lunch.
Any point inside the PPF
Underutilization.
The resource has been produced and can be used to produce goods/services
Capital.
What does Mrs. Bartolazzi say NOT to do if we get our phones before the last five minutes of class?
No texting and no pictures.
Two types of capital
Physical and Human
Economists say ___
"Choosing is refusing."
Effect a war would have on a country's PPF
Shift the entire curve inward.
Is money a capital resource?
No, it can't directly produce other goods.
The first econ movie we watched
Star Wars
U.S. Debt as of January 3, 2024
34 trillion
When you decide how much more or less to do, you are ___
Thinking at the margin.
Why does a government spend money investing in new technology and/or education and training?
They increase a nation's efficiency and lead to economic growth.
Two ways to increase the amount of labor available to an economy
1. Increase the total quantity of labor/number of worker hours.
2. Increase the amount of human capital in workers.
Economist who thought that risk-taking entrepreneurs were so important that they should be considered the fourth FOP
Jean-Baptiste Say