Econ Ch 1 and 2 Review

The knowledge and skills you aquire in high school is an example of

What is a traditional economy

What would happen to a country's PPF if there is an increased need by the military for one of the products on the curve?

How would a country move their PPF outward?

What is Economics

Which of the following is an example of physical capital?

Calculate the opportunity cost of producing 5 boxes of pastries in the pizza parlor ?

What nations has a command economy?

Whats the Opportunity cost of going to the cinema instead of going to the park?

Which of the following is NOT a goal of an economic system?

What market would a finished table most likely be sold in?

What is Opportunity Cost?

Command Economy Meaning?

What does point A represent on the Circular flow diagram?

Points inside the production possibilities curve...

Which of the following is a service?

An example of Microeconomics would be

What are the four factors of production?

What are the three basic economic questions?

What is the primary incentive in a market economy?

What is positive economics?

What is the study of macroeconomics?

What market would lumber most likely be sold in?

What is normative economics?

Economic Systems are made up of what three?

This is what a circular flow model looks like

A production possibilities curve is a straight line if

Which of the following is an example of human capital?

Which of the following would cause an inward shift in a PPF

What is microeconomics?

Any point outside the production possibilities curve...

Which factor of production is a hammer?

A Production Possibilities curve that is bowed out rather than straight illustrates

Tonight you can go to a basketball game for $10 or a movie for $15. What is the opportunity cost of going to the movie?

A Production possibilities Curve...