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IB Introduction to Economics Flashcards | StudBud

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What happen if the production possibility curve shift outwards?

What type of science is economics?

IB Introduction to Economics

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Answers

1
What type of science is economics?
Formal Science
Life Science
Social Science
Interdisciplinary Branch of Science
2
What happen if the production possibility curve shift outwards?
Output decreases
Output increases
3
What is Opportunity Cost ?
a model tshowing the maximum relative amounts two goods a country can make
The central economic problem
The distribution of the factors of production
value of next-best alternative when decision is made; it's what's given up
4
What does the constant cost PPC look like?
Inverse relationship
Direct relationship
5
What is the study of the behaviour of the whole economy at a national level?
Human Wants
Economics
Macroeconomics
Microeconomics
6
What is the study of behaviour within the economy, particularly the relationship of consumers and producers?
Scarcity
Human wants
Microeconomics
Macroeconomics
7
What are the factors of production?
Land, Labour, Entrepreneurship
Land, Capital, Entrepreneurship
Land, Labour, Goods, Entrepreneurship
Land, Labour, Capital, Entrepreneurship
8
What is an example of economic goods?
Coal
Water
Air
Sunshine
9
How can we increase the potential output?
Purchase complement goods
Decrease the production of complement goods
Educate labour force
10
What is an example of free goods?
Out-of season clothing
Greenery
Air
Drinking water