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What can cause a shift like this?
Increase in quantity/quality and advance in technology.
What is the definition of opportunity cost?
Is the highest-valued foregone alternative when any choice is made.
The PPC which indicates opportunity costs are the same no matter how far you move along the curve is:
Linear PPC
If the PPC is a straight line, then the ________ ____ of switching resources between ______ and _____ goods is _______.
If the PPC is a straight line, then the marginal opportunity cost of switching resources between consumer and capital goods is constant.
A production possibility curve (PPC) shows the _________ possible output combinations of two _____ or ______ an economy can achieve when all _____ are fully and _____ employed.
A production possibility curve (PPC) shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully
The opportunity cost of producing an extra 15 capital goods is...
30 consumer goods
If a student has 10 hours to study for 2 subjects where he/she will be graded with a alphabetic system (A-B-C-D), what would be one inefficient use of the resources and which would be an unattainable combination?
Inefficient use of resources, studying 2 hours for both subjects and getting a D in both of them. Unattainable combination, an A in both subjects.
What could cause the curve to shift to AB?
Depletion of resources
Because scarcity people are forced to make .............. about how they use their resources.
choices
How would a PPC express an increase in technology that only affects good X?
shift to the right on good X while good Y remains the same
When a PPC is ……………… it means that resources are not equally productive for producing both goods.
curved
The PPC shows the maximum level of ______ that can be reached with a given amount of productive ______ and technology.
output. resources
PPC means __________________, it is a graphical model that represents _____________ of two goods that can be produced
production possibility curve. all of the different combinations
If the PPC has an bowed out shape, it means that:
There are increasing opportunity costs of production.
What is an unattainable point in the PPC?
Point Green
What does scarcity mean?
not enough resources to make something.
What does the straight line represent in the PPC?
constant opportunity costs
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