Econ Ch 2 Word Scramble
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| Question | Answer |
| 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 |
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MikalahQuillen
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