Econ Ch 2
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| What questions apply to all economic systems? | What goods should be produced? How should those goods be produced? Who should get the goods?
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| Production Decision | What goods should be produced?
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| Resource Use Decision | How should those goods be produced?
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| Distribution Decision | Who should get the goods?
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| What are the fundamental parts? | Goods/services as the output of production process, factors of production, households vs firms
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| Goods and Services | Any physical effort/object that betters human well-being
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| Factors of Production | Land, labor, capital
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| What is land? | Natural resources
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| What is labor? | Human effort towards work
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| What is capital? | Tools, machines, man-made structures to produce goods/services
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| What is skilled labor? | Human resources
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| What is unskilled labor? | Human capital
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| Specialization and Division of Labor | Produces more goods (assembly line)
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| Households | Own resources, provide to firms, consume firms' output
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| Firms | Produce goods/services and consume household resources
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| Tradeoffs/Opportunity Cost | 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 | Max output of any two goods
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| What point would be outside the PPC? | Unattainable
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| What point would be inside the PPC? | Inefficient
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| What point would be on the curve? | Efficient
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| Why is the PPC line curved? | Due to the law of increasing cost (opp cost)
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| What can extend the efficiency of the PPC Curve? | New technology (drought could decrease curve)
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| What is another name for factors of prodcution? | Means of production
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Or sort by any of the columns using the down arrow next to any column heading.
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