Economics Basics

A resource that becomes less productive will cause the entire PPC to shift...

You can still produce a good, even if you are missing one of the four factors of production.

Our wants and needs are unlimited.

Some resources are unlimited.

Food, water, shelter, and clothing are all.....

When we choose to buy "Item A" we miss out on "Item B." What is the term for the value of the choice we didn't make?

In Economics, he process of making things is called...

Things used to make other things are called...

What do economists use to show all possible combinations of goods that may be produced by any firm?

The problem created by those two facts is called.....

An island nation must give up 10 units of fish to produce 5 units of coconuts, what is the opportunity cost?

Speaking of choices, is it possible for a country to produce all of its needs and wants?

What would happen to the PPC if new technologies led to increased production?

Simply put, Economics is the study of...

Any point inside the PPC is an inefficiency.

Any point beyond the PPC is a production impossibility.

Which of these things is NOT a natural resource?

What are the four factors of production?

Everything else is a...