1
Q
PPF
A
maximum quantity of one good that can be produced for any given production of the other
2
Q
comparative advantage
A
opportunity cost of producing a good is lower for that person than it is for the other
3
Q
absolute avantage
A
an individual can make more of something than the other can
4
Q
circular flow diagram
A
Households
Market goods/services Factor
Firms (supply chain)
5
Q
positive economics
A
the way the economy actually works
6
Q
normative economics
A
the way the economy should work
7
Q
Why economists disagree
A
- normative value judgements
2. assumption in a model
Econ 101
flashcards
Decks in class (14)
# Cards
-
Chapter 2 Economic Models7
-
Chapter 9 Making Decisions8
-
Chapter 3 Supply and Demand5
-
Chapter 4 Consumer and Producer Surplus3
-
Chapter 6 Elasticity7
-
Chapter 5 and 7 Government Controls7
-
Chapter 8 International Trade5
-
Chapter 16 Externalities8
-
Chapter 11 Behind the Supply Curve: Inputs and Costs2
-
Ch.12 Perfect Competition and the Supply Curve12
-
Ch.13 Monopoly12
-
Ch.14 Oligopoly17
-
Ch. 17 Public Goods and Common Resources7
-
Ch. 10 Consumer Choice16
