That's a FACT
Wind or water is an example of this factor of production.
What is natural (land)?
This term refers to the level of comfort in which people live, which usually depends on income.
What are living standards?
I take a birds eye view of the economy and look at it as a whole.
What is macro economics?
I represent the underutilisation of resources.
What is a point inside the PPD?
I am the place where buyers and sellers exchange goods and services
What is a market?
I am a factor of production in which relates to anything that is human-made and used to produce goods and services.
What is capital?
What are safety, access to nature, happiness, connections, freedom of speech, elections etc?
I am the value of the next best alternative foregone.
What is opportunity cost?
Economic growth causes this to happen to the PPD.
What is an outward shift?
I am the two forces that interact to determine prices in a market.
What are supply and demand?
In a restaurant setting, I am an example of a capital resource.
What is a coffee machine (table, decor, oven etc)?
I am five examples of material living standards.
What is a house, car, education, phone, boat etc?
I am the reason resources are limited compared to wants.
What is relative scarcity?
I represent a combination of goods that is currently unattainable.
What is a point outside the PPD?
I help businesses decide what and how much to produce by sending signals through price changes.
What is income distribution?
I am a subcategory of one of the factors of production in which the other factors are combined.
What is entrepreneurship?
Complete this sentence: Material living standards measures peoples _________ to goods and services.
What is access?
I occur when resources are diverted to one area, reducing investment in another
What is resource reallocation?
I represent a part of the diagram that shows the maximum output of production combinations.
What is the production possibility Curve?
I am the system where resources are allocated based on price signals rather than government decisions.
What is a market-based economy?
Also known as factors of production, these things are used in the production of goods and services, and are broken into four categories.
What are resources?
I am a key economic indicator that increases when living standards are low.
What is unemployment?
I explain why society cannot produce everything it wants.
What is the basic economic problem?
I am three different things that can be shown on a PPD.
What are opportunity cost, resource allocation and efficiency?
I am the reason why governments sometimes intervene in markets to provide essential goods and services like healthcare and education.
What is market failure?