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review - scaricty, ppc, comp ad, abso ad
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Please give a reason to explain why a ppc shifts inward.
fewer resources
If an economy choose more consumer goods and less capital goods. what does it mean?
more current consumption and less future consumption.
draw a graph to show a combination of two goods that are unattainable by an economy.
Which one has CA in paper? Ben can read 1 page of a student paper per minute or type 50 words of lecture notes per minute, and Ann, can read 3 pages of a student paper per minute or type 60 words of lecture notes per minute.
ann
How to explain a constant opportunity cost?
if the opportunity cost is constant, what is the shape of ppc. please draw a graph to show it.
how will technology advance change a production possibility curve?
shift it outwards
please explain the term scarcity.
limited resources and unlimited needs and wants
what are the four types of resources?
land, labour, capital, entrepreneur
what kind of resource is not fully scarce?
basic knowledge
Name at least three features associated with a market economy.
private resource ownership; buyers and sellers together decide resource allocation; price serves as the signal of resource allocation
Name at least three features of a command economy.
public ownership of resources
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