EC 111 Chapter 3 Terms || With Error-free Solution
EC 111 chapter 3 terms || with Error-free Solution
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EC 111 chapter 3 terms || with Error-free Solutions.
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EC 111 chapter 3 terms || with Error-free Solution
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EC 111 Chapter 3 Terms || With Error-free Solution
production possibilities frontier correct answers is the boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology
ppf correct answers valuable tool for illustra...
EC 111 chapter 3 terms || with Error-free Solutions.
production possibilities frontier correct answers is the boundary between the combinations of
goods and services that can be produced and the combinations that cannot be produced, given the
available factors of production and the state of technology
ppf correct answers valuable tool for illustrating the effects of scarcity and its consequences
ppf correct answers 1. attainable and unattainable combinations. 2. efficient and inefficient
production. 3. tradeoffs and free lunches
production efficiency correct answers a situation in which we cannot produce more of one good
or service without producing less of something else
tradeoff correct answers a _________ is an exchange-- giving up one thing to get something else
free lunch correct answers a _____________ is a gift--- getting something without giving up
something else
tradeoff correct answers when production is on the PPF we face a ____________
free lunch correct answers if production where inside the ppf we would face a _______________
increases correct answers the opportunity cost of a smartphone ___________ as more
smartphones are produced
economic growth correct answers sustained expansion of production possibilities. caused by
better technology, improving quality of labor, and increasing the quantity of capital
outward correct answers economy resources increasing causes production possibilities to expand
and shifts the ppf _______________
absolute advantage correct answers when someone is producting more than another (needs fewer
resources or time to create the same thing)
comparative advantage correct answers the ability of a person to perform an activity or produce a
good or service at a lower opportunity cost than someone else
GDP correct answers the market value of all the final goods and services produced within a
country in a given time period
market prices correct answers we use ___________ _____________ to value production
final correct answers __________ good or service is produced for its ultimate user and not as a
component of another good or service
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