Game 1- Fundamentals

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats

Front

What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation

Back

scarcity

Front

An oil spill will effect will cause the production possibilities curve to shift in which direction?

Back

Inward

Front

The people who bring all the factors of production together to create something are practicing

Back

Entrepreneurship

Front

Raw materials (i.e. cotton, oil...etc.)

Back

Natural Resources

Front

Tools and machinery

Back

Physical Capital

Front

Workers

Back

Labor

Front

What does point Y represent on the PPC?

Back

Unattainable / impossible

Front

Opportunity Cost is best defined as

Back

the value of the next best alternative that is given up due to the choice you made

Front

If a point lies inside the curve, this tells the company what?

Back

They are not efficient