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Unit 1: PPC's and oh so much more! Flashcards | StudBud
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Unit 1: PPC's and oh so much more!
Unit 1: PPC's and oh so much more!
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Flashcards
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Questions
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Answers
1
What happens when you move along the PPC?
a third good will be introduced
the consumer changes a desire for a certain good
give up a # of one good to produce more of another
The same amount of goods are produced
2
The condition of society having unlimited needs and wants, but limited resources
law of society
economics
scarcity
law of economics
3
The production ___________ graph shows the alternative ways an economy can use its resources.
labor
possibilities
costs
#goals
4
A point of underutilization is shown by shifting the PPC to the right.
True
False
5
The PPC is used to illustrate the following concepts
except:
utility
scarcity
opportunity costs
efficiency
6
What does a PPC show?
how many goods a country can produce
how many goods consumers need
the type of goods consumers desire most
# of consumer and capital goods produced @ max efficiency
7
Let's say I chose to spend my year with my cat instead of teaching. My opportunity cost is
would be the basketball I am missing out on
would be getting to teach
would be the money not made from teaching
Would be the Wholly Grounds I am missing out on
8
What factor of production combines the other three together?
entrepreneurship
labor
land
capital
9
What does it mean to have a shift of the entire PPC?
a shift does not mean anything
the maximum output of that economy is the same
production of one good has increased
there has been a change in resources or technology
10
What factor of production is in this picture?
labor
land
capital
entrepreneurship
11
How ready do you feel for a quest today (with the stuff we have discussed thus far)?
I am not ready and will need to create ?'s for Ms. Long
Bring it on! I'm completely ready
I'm fuzzy on a few of the details and should attend helps
I could do pretty well, but studying will help a ton!
