Team 1
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Team 2
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Teams
Name
Score
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20
×
The PPC curve iis concave relative to the origin due to
increasing opportunity cost.
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10
×
Least cost production
Production Efficiency
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15
×
4 scarce factors of production
land, labor, capital, ET
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10
×
When MC=MB
allocative efficiency
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15
×
Joan gets 4 utils per dollar from her current allocation of apples, and .5 from oranges. What should she do?
But more apples
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15
×
4 payments to resources
wages, rent, interest, profit
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15
×
Equation for utility maximization
MUa/pa=MUb/Pb on last dollar
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10
×
tinstaafl
No such thing as a free lunch
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10
×
Market allocate goods in this system
capitalism
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10
×
Trade based on total output
Absolute advantage
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5
×
The best forgone choice when a decision is made
Opportunity Cost
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×
monster
Reset all scores!
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×
gold
Win 50 points!
Okay!
×
shark
Other team loses 15 points!
Okay!
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banana
Go to last place!
Oops!
15
×
Father of modern capitalism
Adam SMith
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×
seesaw
Swap points!
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rocket
Go to first place!
Okay!
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fairy
Take points!
5
10
15
20
25
×
lifesaver
Give 25 points!
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boom
Lose 50 points!
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star
Double points!
Okay!
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fairy
Take points!
5
10
15
20
25
×
banana
Go to last place!
Oops!
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lifesaver
Give 10 points!
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gift
Win 5 points!
Okay!
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rocket
Go to first place!
Okay!
×
lifesaver
Give 25 points!
Oops!
×
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