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Demand your Supply
Counting the costs
Allocation
PPF
Vocab
100
When price goes up this goes down.
What is Demand
100
The value of the best alternative given up.
What is opportunity cost
100
Distribution according to a specific plan
What is Allocation?
100
What PPF stands for.
What is Production Possibilities Frontier?
100
This type of economic system tends to leave under resourced individuals behind.
What is free enterprise
200
When the price of a resource needed to produce item A goes up then the supply of that good will do this.
What is go down?
200
Rent
What is a fixed cost?
200
Timing determines who gets what.
What is first come first served?
200
A point between zero and just short of the PPF curve.
What is inefficient?
200
Utility and scarcity.
What is value
300
If Beyonce carries a certain purse then it is said that demand will go up because of this.
What is Taste
300
hourly employees
What is variable cost
300
The strongest take what they want.
What is Rule of Force?
300
could cause this to happen...
What is Technology, Trade, Expansion etc.
300
Is also known as trading value
What is value in exchange
400
Consumer expectations have a direct impact on this
What is Demand
400
VC + FC
What is Total Cost
400
Competition and cooperation.
What is Market system or Capitalism.
400
A straight line on a PPF indicates this.
What is constant PPF
400
The fundamental problem that causes people to make economic decisions
What is scarcity
500
The change in price of a related good will have a direct impact on this.
What is Supply
500
Cost of producing one more unit.
What is marginal cost
500
When a ranking system determines allocation
What is appearance or personality?
500
At a glance, PPF shows us this.
What is opportunity cost or trade off.
500
Hands on economy
What is Command economy?