PPC and Efficiency
A point located INSIDE the PPC curve represents what kind of use of resources
What is inefficient use of resources?
A person who sees an opportunity, or new idea, gathers the resources from one place to another, and takes the risk
What is an entrepreneur?
Which direction(s) would the PPC shift in Post-War Japan after the U.S. dropped 2 atomic bombs in 1945.
What is inward shift of the PPC?
Cristian demonstrates this type of diminishing utility when he eats NINE (!) glizzies instead of just 4...
What is marginal?
An economy where government decides what to produce
What is a command (centrally planned, closed, communist, etc) economy?
A point located ALONG the PPC curve represents what kind of use of resources
What is efficient use of resources?
the resources of a white board, computer, and classroom desks for a teacher.
What is capital?
The resulting change in a PPC after a technological breakthrough; an increase in output with the same amount of inputs.
What is an outward shift of the PPC?
Mini-maxing, satisficing, or maximizing outcomes (minimal input, maximal output) by travelling along the line of a PPC curve
What is EFFICIENCY
A system with free markets and SOME government intervention. Keynes was a proponent of this...
What is mixed market economy?
A graph that demonstrates the possible combinations of goods that can be produced.
What is a production possibilities curve (PPC) OR PPF (production possibilities FRONTIER... if you paid close attention yest :-0)?
The use of mental activities or human energy as a resource by an engineer at Tesla.
What is labor?
the study of a smaller part of the economy; one person, one business, one industry
What is microeconomics?
The 3 basic economic questions every economy must answer.
What, how, and for whom is the production of goods and services.
The only way to increase efficiency from a point on the PPC to a point outside the PPC.
What is specialization and some other external process/production IMPROVEMENT?
The use of cattle, farmland, or coffee beans as a resource in operating Cristian's Tim Hortons
What is land?
A CURVED, or bowed shape to a PPC model indicates
What are INCREASING opportunity costs?
Empirical data forms the basis for THIS type of economic analysis based on the WAY people ACT
What is a BEHAVIORAL ECONOMICS?
The term ECONOMICS comes from WHAT GREEK WORD
0.0 uwu (<-- IDK what this last thing means but I saw kids write it)
What is OIKONOMIKOS?
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?
considered capital because they are required to produce any goods or services from other factors (such as natural resources and human energy)
What are tools and machinery?
When a factory can produce a TRUCK for a lower cost than a CAR this demonstrates WHAT economic concept?
What is comparative advantage?
The concept that everyone has unlimited wants but limited resources.
What is scarcity?
Concept that free markets regulate themselves through competition, nakee self-interest, and limited government intervention.
What is the Invisible Hand?