Definitions
Opportunity Cost/PPC
PPC Shifts
Points on PPC
Fun
100
What is another word for the production possibilities curve?
Production possibilities frontier
100
What is the definition of Opportunity Cost?
Value of next best alternative forgone when a decision is made
100
The Great Depression would cause a shift...
Inward
100
Name an inefficient point on the PPC curve
1
100
Which famous painter cut off his ear?
Vincent Van Gogh
200
Trade Offs
Choosing one thing causes you to sacrifice another
200
What does PPC stand for?
Production Possibilities Curve
200
Discoveries of new oil reserves in the US cause a shift...
Outward
200
Name an unattainable point on the PPC
2
200
What year did WWII end?
1945
300
The production possibilities curve is a combination of how many goods?
What is 2 goods
300
What is the definition of PPC?
A graphical representation of the trade-offs an economy faces when deciding how to allocate resources between two goods
300
The industrial Revolution causes a shift...
Outward
300
Name the efficient and attainable point(s) on the PPC
3 & 4
300
What is the tallest mountain in the world?
Mount Everest
400
The production possibilities frontier is the boundary between
A) those combinations of goods and services that can be produced and those that can be consumed.
B) those combinations of goods and services that can be produced and those that cannot.
C) those resources that are limited and those that are unlimited.
D) those wants that are limited and those that are unlimited.
choice B
400
Name one cause of economic growth
Technological advancement or increase in resource availibility
400
A devastating tornado that ruins crops all over the US causes a shift...
Inward
400
What does a point on the PPC represent in terms of resource use?
Fully utilizing resources
400
What is the smallest country in the world?
Vatican City (It's inside of Italy)
500
The value a person could have received but gives up in pursuit of another option.
Opportunity cost
500
3 Graphic Novels
500
A lowering birthrate results in a shrinking population causes a shift...
Inwards
500
What has happened If a production combination falls below the Production possibilities curve
Inefficient use of resources
500
Who was the 16th president of the United States
Abraham Lincoln