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ECON UNIT ONE INSANITY

  • Game Code: 667664
  •  English    15     Public
    Economic Concepts
  •   Study   Slideshow
  • The best forgone choice when a decision is made
    Opportunity Cost
  •  5
  • When MC=MB
    allocative efficiency
  •  10
  • Least cost production
    Production Efficiency
  •  10
  • Market allocate goods in this system
    capitalism
  •  10
  • An authority allocates goods in this system
    Command (communism ok)
  •  10
  • Trade based on opportunity cost
    Comparative advantage
  •  10
  • Trade based on total output
    Absolute advantage
  •  10
  • 4 scarce factors of production
    land, labor, capital, ET
  •  15
  • 4 payments to resources
    wages, rent, interest, profit
  •  15
  • Equation for utility maximization
    MUa/pa=MUb/Pb on last dollar
  •  15
  • Joan gets 4 utils per dollar from her current allocation of apples, and .5 from oranges. What should she do?
    But more apples
  •  15
  • Over time, the satisfaction per unit declines
    Diminishing marginal utility
  •  15
  • Father of modern capitalism
    Adam SMith
  •  15
  • tinstaafl
    No such thing as a free lunch
  •  10
  • The PPC curve iis concave relative to the origin due to
    increasing opportunity cost.
  •  20
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