Ppf - Study guides, Class notes & Summaries

3 big economic questions correct answers 1. What: what and how much is produced? 2. How: how are goods and services produced? 3. Who: who will get the goods and services? 3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 2. Command approach: government planners answer the questions. 3. Market-based approach: let prices, property rights, and markets answer the questions. (works best because it aligns the self-interest with the socia...

Econ 2110 Final Exam Clemson University Latest Update Rated A+ Economics the study of how people allocate their limited resources to satisfy their nearly unlimited wants Micro the part of economics concerned with single factors and the effects of individual decisions Macro the part of economics concerned with large scale or general economic factors, such as interest rates and national productivity Incentives rewards r punishments that people react to Scarcity living in a world of finite reso...

Economics the study of how people allocate their limited resources to satisfy their nearly unlimited wants Micro the part of economics concerned with single factors and the effects of individual decisions Macro the part of economics concerned with large scale or general economic factors, such as interest rates and national productivity Incentives rewards r punishments that people react to Scarcity living in a world of finite resources and having unlimited needs and wants Trade-offs giving...

Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs Points on PPF CORRECT ANSWER -points outside line are unattainable -points within are attainable but inefficient -points on line are attainable and efficient Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good Opportunity Cost Formula COR...

Economics - Answer-social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity, incentives, and reconcile those choices Macroeconomics - Answer-Study of the performance of the national and global economies E.x. Why is the unemployment rate in the U.S. so high? Microeconomics - Answer-Study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments E.x. Why ...

econ 100 ( macroeconomics) csulb Question and answers already passed 2024 econ 100 ( macroeconomics) csulb • Scarcity - correct answer Have a limited number of resources ( 3 main: land, labor, capital) • Economics - correct answer - study of how society manages in scarce resources • Opportunity cost- - correct answer what you give up to get something, next best choice, highest valued foregone alternative • Production Possibilities Frontier (PPF) - - correct answer a graph ...

Microeconomic3 Question and answers already passed 2024 Microeconomics - Exam 1 (University of Iowa) Production Possibility Frontier (PPF) - correct answer a graph that shows the combinations of output that the economy can possibly produce given the available factors of production Conclusions of PPF - correct answer 1) Scarcity 2) Choice 3) Opportunity Cost of Making a Choice 4) Increasing Opportunity Cost Opportunity cost - correct answer What a person sacrifices when they ch...

Solution Manual for Foundations of Business 7th Edition by William M. Pride. Solution Manual for Foundations of Business 7e William M. Pride; Chapter 1-47 Chapter 1 End of Chapter Questions Quiz Yourself 1. Scarcity implies that the allocation decision chosen by society can a) not make more of any one good. b) always make more of any good. c) typically make more of one good but at the expense of making less of another. d) always make more of all goods simultaneously. Explanation: Sc...

TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable ...

ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+. The Circular Flow Diagram - ANSWER Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - ANSWER The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - ANSWER the economy can produce more of everything Opportunity Cost - ANSWER the cost of what you giv...