Foundations of Economics

HideShow resource information
Scarcity
infinite wants, finite resources
1 of 9
choice
how resources will be allocated because of finite resources
2 of 9
opportunity cost
what you give up in order to have something else, movement along the curve
3 of 9
basic economic problems
what, how, who
4 of 9
factors of production
land. labor, capital, entrepreneurship
5 of 9
production possibility curve
shows all possible combinations of two goods using resources efficiently at a given state of technology
6 of 9
economic growth (actual growth)
increases output over time, moving towards the curve
7 of 9
potential growth
will occur if the quality and quantity of the factors of production increase
8 of 9
what ppc illustrates
scarcity, growth, inefficiency, opportunity cost,
9 of 9

Other cards in this set

Card 2

Front

choice

Back

how resources will be allocated because of finite resources

Card 3

Front

opportunity cost

Back

Preview of the front of card 3

Card 4

Front

basic economic problems

Back

Preview of the front of card 4

Card 5

Front

factors of production

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Foundations of Economics resources »