1-3 Vocabulary jw
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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a simplified representation of economic forces. | economic model
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a graph used by economists to show the impact of scarcity on an economy. | Production possibilities curve (PPC)
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Involves producing the maximum amount of goods and services possible. | Effciency
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Means producing fewer goods and services than possible. | Underutilization
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a law that states that as production switches from one product to another, increasing amounts of resources are needed to increase the production of the second product. | law of increasing opportunity costs
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Resources are fixed All resources are fully employed Only two things can be produced technology is fixed | Four assumptions of the production possibilties curve.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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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.
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:
joannw15
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