Intro to Economics Key Terms
Thinking at the ___
PPC Model
PPC Chart
PPC Model Contintued
Miscellaneous
100
Something is ____ when it is both limited and desirable
Scarce/Scarcity
100
Thinking at the _____, is analyzing the costs and benefits of incremental (small) decisions
Thinking at the margin
100
___shows/illustrates the possible combinations of goods and services that can be produced by a single nation, firm or individual given the productive resources available. It is the graph & chart that we have been reviewing in class.
Production Possibility Model/Curve/Frontier
100
What is the opportunity cost from A to C? Must say the item and the amount.
20 Clothes
100
Point A, B and C are ___ uses of resources.
Efficient
100
Name the 4 Factors of Production (one of them has two categories)
Land, Labor, Capital (Physical & Human), Entrepreneur
200
____is a basic requirement for survival & ___ is not a basic requirement for survival but a means of expression.
Need/Want
200
____ is an increment (small unit), a border/edge
Margin
200
What basic economic concepts can the PPC be used to model? Must list at least two.
Scarcity
Tradeoffs
Opportunity cost
Economic growth
Efficiency
Unemployment
200
What is the opportunity cost from B to C? Must say the item and the amount.
20 buns
200
Point D means that resources are _____.
Inefficient/Underutilized
200
Provide your own example of a situation where you were forced to decide between two things and then analyze the cost and benefit of the decision. Each of these must be addressed
Decision-
Opportunity Cost-
Benefit-
Inventive-
Decision - what was the scenario & what decision did you make?
Opportunity Cost- what did you lose in the process?
Benefit- what did you gain in the process?
Inventive- why did you do that?
300
___ is a physical, tangible (touchable) product while ____ is a non-tangible action or activity that is performed for someone else.
Good/Service
300
____the incremental cost of decision-making.
Marginal Cost
300
Shift outward in the PPC model can mean what?
Increased Resources/Technological Innovation/Economic Boom
300
What is the opportunity cost from A to B? Must say the item and the amount.
10 buns
300
Considering that B,B is the starting point, which curve represents an increase in ONLY Capital Goods? 
B,D
300
Teachers are which factor of production?
Labor
400
____used by economists to measure the cost of decision-making; the value of the what we give up.
Opportunity Cost
400
____the incremental benefit of decision-making.
Marginal Benefit
400
Shift inward in the PPC model can mean what?
Recession/Natural Disaster/Loss of resources
400
What is the opportunity cost from B to D? Must say the item and the amount.
30 clothes
400
Your economy experiences a major technological innovation in both capital and consumers goods in the economy. Which curve would represent the new production possibility curve?
C,C
400
Factories are an example of which factor of production?
Physical Capital
500
____ is the process of giving up one thing in order to gain another
Trade-Off
500
_____ is the motivating factor to make a decision.
Incentive
500
Any point outside of the PPC curve is what?
Unattainable
500
What is the opportunity cost from A to F? Must say the item and the amount.
120 buns
500
What does an efficient use of resources mean about production?
You are maximizing production
500
If you hit snooze from 6:00AM to 6:30AM, what was your marginal benefit? Must say the amount and the benefit.
30 minutes of sleep