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Econ Ch 2

QuestionAnswer
What questions apply to all economic systems? What goods should be produced? How should those goods be produced? Who should get the goods?
Production Decision What goods should be produced?
Resource Use Decision How should those goods be produced?
Distribution Decision Who should get the goods?
What are the fundamental parts? Goods/services as the output of production process, factors of production, households vs firms
Goods and Services Any physical effort/object that betters human well-being
Factors of Production Land, labor, capital
What is land? Natural resources
What is labor? Human effort towards work
What is capital? Tools, machines, man-made structures to produce goods/services
What is skilled labor? Human resources
What is unskilled labor? Human capital
Specialization and Division of Labor Produces more goods (assembly line)
Households Own resources, provide to firms, consume firms' output
Firms Produce goods/services and consume household resources
Tradeoffs/Opportunity Cost Cost of the high value option lost when another is chosen (to produce one thing, we lose another) [loss is opp cost]
Production Possibilites Factor Max output of any two goods
What point would be outside the PPC? Unattainable
What point would be inside the PPC? Inefficient
What point would be on the curve? Efficient
Why is the PPC line curved? Due to the law of increasing cost (opp cost)
What can extend the efficiency of the PPC Curve? New technology (drought could decrease curve)
What is another name for factors of prodcution? Means of production
Created by: MikalahQuillen
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