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24 Cards in this Set
- Front
- Back
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Economics: |
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Scarcity: |
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Economics- significance: |
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Scarcity- significance: |
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Problems with scarcity? |
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How does scarcity effect economic activity? |
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Describe the term "productive resources" and analyze the 4 types. |
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What assumptions can be made about people's preferences and satisfaction? |
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What is the opportunity cost of a decision? |
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What are the types of allocation methods? Give an example for each. |
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Production: |
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Illustrate efficiency and ineffiency |
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Illustrate increasing and constant opportunity costs |
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How can the P.P.C. model shift in positive and negative directions? |
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Explain the difference between allocative efficiency and productive efficiency. |
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What are other names for market systems? |
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What is diminishing marginal utility? (AKA diminishing marginal return) |
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What is the law of increasing costs? |
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Illustrate a P.P.C. with variable opportunity costs |
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What is an economic system? Explain the difference between three basic economic questions and economic systems. |
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Identify and describe the:
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