Introductory Economic Concepts and the PPC Review Quiz

If a point on the PPC is attainable it should be...

A factory, tools, computer, projector are all examples of

A point on the PPC means

Union Bank stops all free checking accounts and charges $10 a month

Any point outside of the PPC is considered attainable

Labor =

An inefficient point on the PPC would fall

A company's office buildings are an example of

A textbook is a _______, while being taught something is a _____

Trees, water, the sun, animals are all examples of

The next best alternative that you have given up when making a choice is called

Because of scarcity, people need to make

The economic model that represents the max combination of 2 goods and services that can be made with scarce resources.

The GDP of the Chinese economy

The PPC shows how much profit a company can make with two different goods/services

Moving from a point on the PPC curve to a point inside the curve represents

The best definition of an entrepreneur is someone who

Where would no production of any good or service fall on the PPC?

Economics is the study of how people use _____ resources to satisfy _____ wants

The factors of production include...