{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

PPFs Flashcards

(8 cards)

1
Q

Capital goods

A

Goods that make other goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Consumer goods

A

Goods and services we use to obtain utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Opportunity cost

A

The next best alternative forgone when making a decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Production possibility frontier

A

Represents all the combinations of goods and services an economy or firm can produce when all production factors are fully employed and used efficiently.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Assumptions about PPFs

A

All resources in an economy are fully and efficiently utilised
Two types of goods can be produced
There is only one type of good X and one type of good Y

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Interpreting PPFs

A

On the curve = all resources are fully and efficiently utilised
Under the curve = resources are under-utilised
Above the curve = not yet obtainable with current resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Causes of outward shift of PPF

A

Greater quantity of resources available for production
Increasing the quality of current resources e.g. providing workers with training
Technological advancements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Causes of inward shift of PPF

A

Deep recession - firms close down, people are made permanently unemployed or redundant
External shocks which destroy factor resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly