Ppf - Study guides, Class notes & Summaries

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...

Economics is - Answer--the science of choice -study of how people use their limited resources to satisfy unlimited desires resources are... - Answer-scarce, therefore we must make choices 3 questions any society must answer - Answer-1. what to produce 2. how to produce 3. whom to produce for positive statement - Answer-what IS; can be shown correct or incorrect -factual statements normative statement - Answer-what OUGHT TO be; involves value judgements, cant be proven right or wrong Mi...

econ 100 ( macroeconomics) • 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 that shows the combinations of two goods the economy can produce w/ its given resource...

ECN 211 ASU Final Exam Marburger questions with correct answers The Circular Flow Diagram Correct Answer-Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC Correct Answer-The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... Correct Answer-the economy can produce more of everything Opportunity Cost Correct Answer-t...

The Circular Flow Diagram - correct answer Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - correct answer The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - correct answer the economy can produce more of everything Opportunity Cost - correct answer the cost of what you give up to get something else...

BSNS113 Latest 2023 Rated A+ economics study of how resources are managed in society scarcity limited means but unlimited wants three economic questions What to produce? How to produce? For whom to produce? incentives people react to changes in their economic environment. Changes in price or incomes cause people to act differently economic costs opportunity cost. The total net value of the next best alternative forgone when making a decision. Opportunity cost formula OC of activity A = tota...

Production Possibilities Frontier (PPF) A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good. Growth of actual production: shift of AD (GDP) Growth of potential production: shift of the LRAS Economic growth. Source of economic growth (5) 1. The natural resource base 2. physical capital 3. appropriate technologies 4. Human capital 5. Institutional factors

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...

ECON 200 Exam Questions And Answers (Updated And Verified) Economics is best defined as ____________. A.) How people make money and profits in the stock market B.) Making choices from an unlimited supply of goods and services C.) Making choices with unlimited wants but facing a scarcity of resources D.) Controlling a budget for a household - answerMaking choices with unlimited wants but facing a scarcity of resources When an economy produces more houses and fewer typewriters, it is answe...

Scarcity correct answers unlimited wants but limited resources what is produced? correct answers economic question "what" How will goods and services be produced? correct answers economic question "how" Who will get the goods and services? correct answers economic question "who" Traditional approach correct answers do what we have always done. Inflexible Command approach correct answers government dictates what to produce market-based approach correct answers let prices, ...