Show:
PPC and Efficiency
Factors of Production (Resources)
PPC Shifts
Miscellaneous
Economic Systems
100
a point located inside the PPC
What is inefficient use of resources?
100
A person who sees an opportunity, gathers the resources, and takes the risk
What is an entrepreneur?
100
the resulting change in the PPC for Japan after the U.S. dropped 2 atomic bombs in 1945.
What is inward shift of the PPC?
100

Additional

What is marginal?

100

An economy where government decides what to produce

What is command (centrally planned) economy?

200
a point located on the PPC
What is efficient use of resources?
200
the resources of a white board, computer, and classroom desks for a teacher.
What is capital?
200
The resulting change in a PPC after a technological break through increase output with the same amount of inputs.
What is an outward shift of the PPC?
200

The margin; where choices get made;

What is where MC=MB?

200

A system with free markets and some government intervention.

What is mixed market economy?

300
A graph that demonstrates the possible combinations of goods that can be produced.
What is a production possibilities curve (PPC)?
300
The use of mental activities as a resource by an engineer at Intel.
What is labor?
300
The resulting change in a country's PPC after a major investment in education
What is outward shift of the PPC?
300

the study of one entity; one person, one business, one industry

What is microeconomics?

300

The 3 basic economic questions every economy must answer.

What, how, and for whom is the production of goods and services.

400
The only way to increase efficiency from a point on the PPC to a point outside the PPC.
What is specialization and trade?
400
The use of cattle, farm land, and solar power as a resource in operating the Anglin Dairy in Queen Creek.
What is land?
400
The bowed shape to a PPC model indicates
What are increasing opportunity costs?
400

a statement of opinion, about what should be done. Ex: Teenage unemployment is a huge problem!

What is a normative statement?

400

No one is above the law; laws must be applied to everyone equally.

What is the rule of law?

500
A country's PPC shows the production of capital goods vs. consumer goods. The reduction in consumer goods due to an increase in production of capital goods.
What is opportunity cost?
500
not considered capital because they do not actually produce any goods or services
What are dollars?
500
When one entity can produce a good or service for a lower opportunity cost than another.
What is comparative advantage?
500

The concept that everyone has unlimited wants but limited resources.

What is scarcity?

500

Concept that free markets regulate themselves through competition, self interest, and limited government intervention.

What is the Invisible Hand?