Cost Benefit
If you are on the PPF curve; you are what?
Efficient
Name the 4 factors of production
Land, Labor, Capital, Entreprenurship
Penalties are what type of Incentive
negative
external motivators that explain peoples choice
incentives
Most viewed tik tok of all time.
Zack Kings Magic Ride
Any point to the right of the PPF curve is what
Impossible
Tools/Machines you use to make other products/services.
Capital
A economic system where the govt. makes most decisions
planned economy
tension between in wants and needs or the reason we have to makes choices.
scarcity
Name the two teams in the super bowl
Seattle, and New england
Any point inside the PPF curve is what?
inefficient
The two most important things countries must do to be successful.
Specialize and trade
How do we do with scarcity, give one answer
do without, create more resources, make better use of resources
study of economics on a large scale
Which Nba team won the championship in June.
GS Warriors
If a farmer goes from making 10 wheat to 15 wheat and from 30 corn to 15 corn; what is his opporunity cost?
15 corn
Guns or butter is an example of what type of economic concept
Opportunity cost
What are two causes of scarcity
not using resources efficiently, rapid increase in demand, not have enough resources
Study of economics on a small scale
Micro economics
What is the current population of Yuma Az?
96,044
Incentives that backfire are called what?
Perverse Incentives
If a country was producing goods inside or to the left of the PPF curve ...what would that point be called?
Inefficent
Perverse Incentives cause what?
Unitended Consequences
Rewards are what type of incentive
Positive
What is the top grossing movie of 2022 so far?
Top Gun: Maverick