Chapters 1-2: Scarcity, Opportunity Cost, Ppc

Front 1

The sacrifice of some or all of one economic good or service to achieve some other good or service.

Back 1

Opportunity Cost/Trade-off

Front 2

The part of economics concerned with the economy as a whole; with such major aggregates as the household business and governmental sectors; and with measures of the total economy.

Back 2

Macroeconomics

Front 3

The analysis of facts or data to establish scientific generalizations about economic behavior. What "is" type statement.

Back 3

Positive Statement/Economics

Front 4

Describe the opportunity cost for these two products.

Back 4

Increasing Opportunity Cost:
Each addition of Unit A results in an ever increasing opportunity cost of Unit B

Front 5

Describe the opportunity cost for these two products.

Back 5

Decreasing Opportunity Cost:
Each addition of Unit A results in an ever decreasing opportunity cost of Unit B.

Front 6

After 9-11, the U.S. entered a recession with unemployment levels reaching above 6%. How would this be depicted on a PPC curve?

Back 6

U.S. after 9-11 with unemployment levels reaching above 6%.

Front 7

The process of accumulating capital.

Back 7

investment (Ig)

Front 8

A nation can accelerate its economic growth by:
a. reducing the number of immigrants allowed into the country.
b. adding to its stock of capital.
c. printing more money.
d. imposing tariffs and quotas on imported goods.

Back 8

b. adding to its stock of capital