Econ Ch 2
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| What questions apply to all economic systems? | show 🗑
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| Production Decision | show 🗑
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| show | How should those goods be produced?
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| show | Who should get the goods?
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| show | Goods/services as the output of production process, factors of production, households vs firms
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| show | Any physical effort/object that betters human well-being
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| show | Land, labor, capital
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| show | Natural resources
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| What is labor? | show 🗑
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| show | Tools, machines, man-made structures to produce goods/services
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| show | Human resources
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| What is unskilled labor? | show 🗑
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| show | Produces more goods (assembly line)
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| show | Own resources, provide to firms, consume firms' output
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| Firms | show 🗑
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| show | Cost of the high value option lost when another is chosen (to produce one thing, we lose another) [loss is opp cost]
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| Production Possibilites Factor | show 🗑
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| What point would be outside the PPC? | show 🗑
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| show | Inefficient
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| What point would be on the curve? | show 🗑
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| show | Due to the law of increasing cost (opp cost)
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| show | New technology (drought could decrease curve)
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| What is another name for factors of prodcution? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
MikalahQuillen
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