APMicroCh.2Cards_000

APMicroCh.2Cards_000 - AP Microeconomics Ch. 2 1 AP...

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AP Microeconomics Ch. 2 1 A visual model of the economy that shows how dollars flow through markets among households and firms is known as a _________. Circular Flow Diagram AP Microeconomics Ch. 2 2 What are the four factors of production? Land, labor, capital, and entrepreneurship AP Microeconomics Ch. 2 3 What do we pay for the four factors of production? Land-rent Capital-interest Entrep.-profit AP Microeconomics Ch. 2 4 Who owns the four factors of production? Households AP Microeconomics Ch. 2 5 _______ is a graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology. Production Possibilities Frontier AP Microeconomics Ch. 2 6 A ________ line production possibilities curve means that resources are equally exchangeable in the production process. Linear or straight AP Microeconomics Ch. 2 7 A __________ production possibilities curve means that there are increasing opportunity costs when
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This note was uploaded on 05/06/2008 for the course ECON Microecono taught by Professor Wormer during the Spring '08 term at RIT.

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APMicroCh.2Cards_000 - AP Microeconomics Ch. 2 1 AP...

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