Production Possibilities Models
The curve that shows trade-offs between producing two goods is called this.
What is the Production Possibilities Curve (PPC) or Production Possibilities Frontier (PPF)
The sacrifice of one desirable thing for another
Trade Offs
What is the name of starting Quarterback for the Green Bay Packers?
Jordan Love
What is the basic economic problem of scarcity.
Humans' wants and needs are infinite, while the resources needed to satisfy those wants and needs are limited and scarce.
Workers that create a product are part of what FOP?
Labor
A point inside the PPC represents this type of efficiency.
What is underutilization (inefficiency)?
The economic way of thinking involves weighing this against costs.
Benefits
Name a Pokemon that has two separate Mega-Evolutions
Mewtwo OR Charizard
A society deciding between building more schools or more highways demonstrates this type of scarcity-related decision.
Allocating resources/Opportunity Cost
A tractor is an example of this factor of production. Be as specific as possible.
Capital (Physical)
If new technology improves efficiency, the PPC shifts in this direction.
What is outward (to the right)
Choosing to study one extra hour instead of sleeping reflects this decision-making approach.
Thinking at the margin
Scarlett Witch died on what planet?
Vormir
This school of economics focuses on individual decisions and firms.
Microeconomics
A CEO who takes risks to create new products represents this factor.
Entrepreneurship
A straight-line PPC represents this type of opportunity cost
Constant/Proportional Opportunity Costs
Johnny works full-time and is out of sick time. He works at a rate of 25$ per hour and takes three hours off without pay to attend a friend's birthday where he must buy a 20$ birthday gift to attend. What is the implicit cost of this decision?
75$
Opened in 2001, this Japanese theme park is unique to Tokyo and features “ports of call” like Mediterranean Harbor and Mysterious Island instead of traditional lands.
Tokyo Disney Sea
This school of Economics focuses on economic policy and country-level analysis.
Macroeconomics
A river used to generate hydroelectric power represents this specific type of factor of production.
What is land (natural resources)
This PPC demonstrates this economic principle, where producing more of one good leads to larger sacrifices of another.
Curved/Outward PPC, Law of Increasing Opportunity Cost
As you consume more of anything, the additional satisfaction that you receive will eventually start to decrease.
Law of Diminishing Marginal Utility
Name all four countries within the United Kingdom
England, Wales, Scotland, Northern Ireland
A new Labubu launches with high demand and low supply. How would scarcity decide who gets the limited resource/product?
Market Price would increase, those willing and able to pay at that purchase price would get the Labubu
This capital investment such as certification training can help a firm optimize resources to send a PPC outwards towards a previous unattainable point.
Human Capital