Vocabulary
Vocabulary
Factors of Production
PPFs
Comparative Advantage
100
The study of how individuals and societies satisfy their unlimited wants with limited resources
What is economics?
100
Communist and socialist countries have this type of economy.
What are command or planned economies?
100
List the four factors of production
Land, labor, capital, entrepreneurship
100
Point A is...
What is efficient?
100
Ability to produce at lowest opportunity cost
What is comparative advantage?
200
Unlimited wants and limited resources
What is scarcity?
200
all alternatives we give up when we make an economic decision
What are trade-offs?
200
Factory
What is capital?
200
Point E is...
What is inefficient?
200
Measures productivity (who can produce the most?)
What is absolute advantage?
300
Study of the whole economy;
inflation, unemployment, imports/exports
how does the government respond to changes in the economy
What is macroeconomics?
300
Most desirable alternative when making a decision
What are opportunity costs?
300
Cashier
What is labor?
300
Will the PPF curve move in or out based on the following:
Cobalt mine workers in the Democratic Republic of Congo go on strike.
In
300
Which country has the absolute advantage in grapes?
What is Brazil?
400
Study of individual decision making
one person, industry, or company
how do these individuals respond to changes in the economy
What is microeconomics?
400
Cost of doing something one more time
Not just financial cost
What is marginal cost?
400
Corn
What is land?
400
What is the opportunity cost of moving from point b to a?
15 corn
400
Which country has the comparative advantage in chocolates?
What is Switzerland?
500
Benefit from doing something one more time
What is marginal benefit?
500
A model that shows the combination of two goods that can be produced with full and efficient use of resources
What is a Production Possibility Frontier (PPF)?
500
Ray Kroc (founder of McDonald's)
What is entrepreneurship?
500
What is the per unit opportunity cost of moving from point a to point b?
4/3 robots
500
Which country has the comparative advantage in cars?
Country A