Key ideas review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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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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| What would cause the PPF to rotate outwards? | show 🗑
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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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| show | Total production increases (because all your resources are devoted to the production of just one good)
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| Define gains from trade | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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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