Chapter 2 Economic Decision Making

Which of the following is not considered an input in the production equation?

When moving along a PPF curve, the opportunity cost to society of getting more of one good

Term to describe resources that are both widely available and in no danger of being used up.

The knowledge and skill that people gain from education, job training, and experience.

In which category of capital does money belong?

A shift to the left of the PPF curve means

Land + Labor + Capital = 

Services are defined as

Entrepreneurs perform several roles in the production process including

In the future, an investment in capital goods can be expected to produce an eventual 

The shape of the PPF curve is a result of

Eating a favorite food until you make yourself sick is an example of what economic law?

The economic trilogy is at the heart of all economic analysis.  The trilogy includes all except

In a PPF model, in order to reach a point which is outside the curve the economy must

The difference between the concept of scarcity and shortage is

A point under the Production Possibility Curve represents an economy that 

The term used to describe the 2nd best alternative to your choice.

Satisfaction or pleasure gained from consuming a product or service or from taking an action.