Key ideas review
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| show | A curve on a graph that illustrates the possible quantities of two products that can be produced if both depend on the same finite resources for their manufacture
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| show | Are achievable but don't make full use of the resources
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| Points outside of the frontier___ | show 🗑
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| What would cause the PPF to shift outwards? | show 🗑
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| show | An improvement or increase in the production of only ONE of the goods
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| Define absolute advantage | show 🗑
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| show | When a producer can make a good at a lower opportunity cost than other producers
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| What is the rule about comparative and absolute advantage? | show 🗑
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| show | The practice of spending all your resources on a particular good
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| What happens when you focus on producing the good for which you have comparative advantage? | show 🗑
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| show | The outcome that occurs when specialized producers exchange goods and services (When specialized producers trade they will always end up with a surplus)
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
sarah.levitt7
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