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Chapter 2

What are the three questions of production? 1. What is to be produced? 2. How are the goods and services to be produced? 3. Who will get the goods and services?
What is consumer sovereignty? Consumers choose what is to be produced
What is command economics? Government uses central planning
What is market economy? Satisfy wants of consumers ( private)
What is mixed economy? Mix of government and market economy
What is the best method of production? The least cost of production (capital or labor intensive)
What is the circular flow model? Outer loop: Income flow Inner loop: Goods and services flow
What is the production possibilities curve? - Output of two goods for economy - Illustrates scarcity, choice and trade offs
What is efficiency in economics? - Getting the most out of scare resources - Point outside of curve is unattainable - Operating within curve means resources are not fully used ( Actual output = less than potential output)
How do you notice a change in opportunity costs? - PPC bowed outwards from origin - Opportunity cost increase with production
What is economic growth? - Qualitative or quantitative changes in resources ( Tech) - Sacrifice consumption to increase future consumption
Created by: Marlenathibeault



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