PPF

HideShow resource information
  • Created by: martinka
  • Created on: 05-11-14 11:34
– A statement based on personal opinion and judgement, these cannot be scientifically proven.
NORMATIVE
1 of 9
....is the science of the PRODUCTION, EXCHANGE and DISTRIBUTION of goods
ECONOMICS
2 of 9
Advances in the state of....... and the beneficial impact of innovation in improving production processes
TECHNOLOGY
3 of 9
....is the benefit lost from the second best alternative not chosen
OPPPORTUNITY COST
4 of 9
Resources are ........ – only finite amount produced
SCARCE
5 of 9
An outward shift in the PPF signifies an expansion of a country’s productive ............– in other words – long term economic growth
POTENTIAL
6 of 9
A statement that can be scientifically tested to see if it is incorrect
POSITIVE
7 of 9
Any point on the PPF is................... efficient
PRODUCTIVELY
8 of 9
Only one point, which meets society’s needs, is ...............efficient.
ALLOCATIVELY
9 of 9

Other cards in this set

Card 2

Front

....is the science of the PRODUCTION, EXCHANGE and DISTRIBUTION of goods

Back

ECONOMICS

Card 3

Front

Advances in the state of....... and the beneficial impact of innovation in improving production processes

Back

Preview of the front of card 3

Card 4

Front

....is the benefit lost from the second best alternative not chosen

Back

Preview of the front of card 4

Card 5

Front

Resources are ........ – only finite amount produced

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 Production and efficiency resources »