The value of what must be given up to undertake an activity.
What is Opportunity Cost?
100
The name of the curve for which buyers are willing to buy fewer goods as the price goes up.
What is a demand curve?
100
A point on a PPC that represents any combination of goods that can be produced using currently available resources.
What is attainable point?
100
The term for a maximum allowable price by law.
What is Price Ceiling?
100
What GDP stands for.
What is Gross Domestic Product?
200
The term for the fact that there is never enough time, money, or energy to do everything we want to do or have everything we want to have.
What is Scarcity?
200
If taxes increase, the demand curve with do this.
What is shift left/down/inward?
200
Any combination of goods that cannot be produced using available goods.
What is unattainable point?
200
The term for a minimum allowable price specified by law.
What is Price floor?
200
Leisure time, pollution, happiness, are all things that this economic measurement does not take into account.
What is GDP?
300
The term for when a person is better at a task than another person (takes fewer hours to perform the task).
What is Absolute Advantage?
300
An increase in salaries with do this to the demand curve.
What is shift right/outward?
300
Any combination of goods for which currently available resources enable an increase in the production of one good without a reduction in the production of the other.
What is inefficient point?
300
If a price ceiling is imposed, this will result in the market.
What is excess demand/shortage?
300
One way of deciding how to make a decision is using this type of analysis.
What is Cost Benefit Analysis?
400
All people tend to be better off if they perform just the tasks for which they have a comparative advantage, rather than being "jacks of all trades."
What is Specialization?
400
An increase in the price of beef with do what to the demand curve for chicken?
What is shift right/outward?
400
Any combination of goods for which currently available resources do not allow an increase in the production of one good without a reduction in the production of the other.
What is efficient point?
400
This is what happens in the market when a price floor is imposed.
What is excess supply/surplus?
400
Both the concept of scarcity and comparative advantage explain why countries do this.
What is trade?
500
The term for when a person has a lower opportunity cost of performing a task than another person.
What is Comparative Advantage?
500
The point where the demand curve and supply curve intersect.
What is equilibrium?
500
Increases in productive resources (such as labor and capital equipment) or improvements in knowledge cause the PPC to do this.
What is shift outward?
500
Price controls are part of the reasons this type of government doesn't work.
What is communism?
500
This is what an economy is called when market forces are allowed to proceed without interference.