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- The resources used to make all goods and services are the * production possibilities. production trade-offs. opportunity costs. factors of production. What is a factory building an example of? *1. A factual claim about how the world actually works a. is a positive statement. b. cannot be proven true or false by data and evidence. c. is a normative statement. d. is always true. 2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney? a. $120 c. $220 d. $20 e. $100 3. Here are some facts about the relationship between three goods: Firm X produces a good that it sells to Firm Y. Firm Y produces a service and sells it to consumers. Firm Z produces a service that is similar to Firm Y, and they also sell to consumers. Firm Z has no relationship with Firm X. Firm X experiences an increase in the demand for its product. We can expect this to a. the price that it charges for its product. This change in the price of good X will cause the b. curve for good Y to c.…Give one example of metaphor that we can use for micro and microeconomics.
- principle of economyIn this type of economy, economic decisions are made by private individuals and businesses. a. agriculture b. industry c. capitalist d. command-A) Describe production and the factors that go into producing various goods and services. -B) Describe the opportunity cost an economy incurs to increase the production of one product. Use a production possibilities frontier
- The following table shows the production possibilities data. Farmer Rancher Table 2-3 Labor Hours Needed to Make 1 Pound of: Meat 8 4 Potatoes 2 5 Pounds produced in 40 hours: Meat 5 10 Potatoes 20 8 Refer to Table 2-3. The farmer and the rancher both could benefit if the farmer were to specialize in a. meat and the rancher were to specialize in potatoes. O b. potatoes and the rancher were to specialize in meat. c. neither good and the rancher were to specialize in both goods. O d. neither good; they cannot both benefit by specialization and trade.Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".a Evaluating a Create a fi 1.3-Pt 5_6 41.3 pt 5 6 Crea Jenny * DeltaMath purses/16686/assignments/259831?module_item_id3D1039045 Kurzweil 3000 Read the Web Page PRODUCTION POSSIBILITIES CURVE (FRONTIER) WORKSHEET Use the space below to answer the following question: Good B 12 11 10 4. Good A If this economy is presently producing 12 units of Good B and 0 units of Good A... 1....the opportunity cost of increasing production of Good A from 0 units to 1 unit is the loss of unit(s) of Good B.
- What is the production possibilities frontier? A. a map that shows areas of the world in which capitalist production is highest B. a map that shows the frontier beyond which technological innovation is unprofitable C. a graph that shows the various combinations of resources that can be used to produce a given level of output D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technologyWhat are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?7. What is scarcity? In market economies, what determines the distribution of scarce goods and resources?
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