Test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the extreme value of, usually, the quantity
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| show | the extreme value of, usually, the price
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| show | means that all other relevant factors remain unchanged;
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| show | illustrates trade-offs facing economy that produces 2 goods; shows max producible amount of A, given the level of production for B; choose how to allocate time btw 2 goods (ex: coffee and cappuccino); ratio tells you how much you give up of A for 1 more B
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| PPF and efficiency in allocation | show 🗑
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| show | efficiency also requires that the economy allocate its resources so that consumers are as well off as possible; points along the line are better than others due to what people actually want to buy
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| show | when functions are linear (max Y : max X) can then be simplified mathematically; divide each ratio to get amount fof one good iven up in terms of one unit of the other;
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| constant opportunity cost | show 🗑
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| increasing opportunity cost | show 🗑
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| show | growing ability of the economy to produce goods and services; results in outward shift of PPF; increasing factors of production (land, labor, physical capital (coffee grinder), human capital (workforce); tech advancement (produce + w/same amount of stuff)
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| show | resources used to produce goods and services; one of the two ways in shift out the PPF; includes land, labor (econ's pool of workers), physical capital (created resources: machines/buildings), & human capital (educational achievements/skills of workforce)
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| show | technical means for producing goods and services; way #2 to have an outward shift in the PPF
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| comparative advantage | show 🗑
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| show | trade lets wife take advantage of Nick's lower oc in making coffee; trade lets Nick take advantage of wife's lower oc in making cappuccinos; allows each party to a lower oc you couldn't get on own; opp for both to benefit
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| How would you allocate goods production? | show 🗑
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| show | someone (or country) has absolute adv if they can produce more of it than other people (or countries); HOW MUCH you can produce, has nothing to do w/o.c. (comp adv = oc of each unit produced); intercepts (who's further out on axis)
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| absolute advantage and trade | show 🗑
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| show | total production possibilities of person/house/econ; ratio tells about oc; absolute adv (based on resources, can produce more in #) vs comp adv (deals w/slope; oc per unit); assumption = idle resources are bad (want as much as possible)
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| As long as there are different slopes btw 2 people's PPF.... | show 🗑
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| show | Depends on goal of society; outsourcing bc othe countries have comp adv, but is it equitable?; models don't promise we share benefits of trade "fairly"
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| show | how the world really works, right and wrong answers; ex: average income in the US; it's a number, mathematically true and doesn't have opinion attached to it; ex: Does trade increase world's production? Yes.
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| show | questions about how the world should work, no right or wrong answer here; no right/wrong bc depends on ideology of person answering question; opinion based, based on end goal (varies on political leanings); ex: Trade makes everyone happier? Well...
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| show | simple prediction of the future
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| Why do economists argue so much? | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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Created by:
nicook
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