basics of econ

Question 1

micro econ is?

Answer 1

refers to indviuals in an econ

Question 2

macro econ is?

Answer 2

refers to the over all econ

Question 3

which one fouces on GDP?

Answer 3

macro

Question 4

which one fouces on inflation?

Answer 4

macro

Question 5

what are the four means of production?

Answer 5

land,labor,capital,enterpreneurship

Question 6

what does capital refer to?

Answer 6

machines and humans

Question 7

what is a good?

Answer 7

a tangible thing

Question 8

what is a service?

Answer 8

a un-tangible act

Question 9

what is the equatio of oppturnity cost?

Answer 9

cost of giving up A - the profit of making B

Question 10

a PPC graph that is a straight downward line what is it?

Answer 10

constant oppturnity cost

Question 11

a PPC graph where the slope is more curved and falls dramatically what is it?

Answer 11

increasing oppturnity cost?

Question 12

what is constant oppturnity cost in PPC?

Answer 12

constant means the rescoures for both are identical so giving up 1 of A is making one more B.

Question 13

what is increasing oppturnity cost in PPC?

Answer 13

increasing means the rescoures for both products are differnt, so giving up 1 of A could mean giving up 10 of B

Question 14

in a PPC curve. the dot is placed outside the curve, the curve means?

Answer 14

any dot outside the curve is impossible to achive with current rescoures

Question 15

the line it self represents what in PPC? and what does a dot mean if it’s under it?

Answer 15

productivity, any dot under the line is marked as not acting at peak productivity

Question 16

what is the law of increasing opprtunity cost?

Answer 16

as you continue to increase production of one good, the opportunity cost of producing that next unit increases