Basics of Economics

What you give up to get what you want/need

The benefit of one product over another

Physical items paid for by consumers and manufactured by producers

What is the definition of Economics

A decreasing PPC looks like:

The cost/benefit of buying more than one or adding to production:

Asking if a product is worth it’s value

Encouragement to buy one product versus another

The price of gasoline in Pa vs Md

Economics on a local or country based scale

THE economic problem

Increasing PPC looks like:

Invisible Hand theorist:

Normative economics study:

35% of teenagers like to sleep through class

Factors of Production:

Analysis of what is attained versus payment

Risking it all:

A constant PPC looks like:

Positive economics study (2 answers):

35% of teenagers like to sleep through class because they do not go to bed at a reasonable hour

Viewing economics on a global scale

PPC assumptions include (2 answers):

What are the 3 questions asked because of scarcity?

Capital goods (2 answers):