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Stugui.2011 - the PPC 11 Describe the factors that push the...

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Study Guide #1 Econ 201 Spring 2010 1. What is the Law of Tannstafal? Explain it’s meaning. 2. Define ‘Economics” and explain the meaning of the ‘Institutional Structure’. 3. What are the two aspects of scarcity? 4. Describe the coordination problems of the economy and relate them to the concept of ‘economic efficiency’. 5. Name the scarce resources and describe the payments for each resource. 6. Define and describe’ opportunity cost’. 7. Describe how consumers make ‘rational decisions’.( economic reasoning) 8. Define a production possibilities table and production possibilities curve. 9. What are the assumptions of the PPC? Describe each one. 10. Clearly understand the meaning of a point on the PPC, inside the PPC and outside
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Unformatted text preview: the PPC. 11. Describe the factors that push the PPC outwards. 12. Explain the shape of the real-world PPC. 13. Explain when and why you would have a straight-line PPC with a negative slope. 14. Describe the conditions that are necessary to maximize world output. 15. Define economic efficiency and describe each type of efficiency. 16. Compare the features of Capitalism and Som. 17. What are the goals of economics? 18. What are the functions of price? 19. Explain why we have mixed economies. Clearly understand: a. Law of Comparative Advantage b. The ‘invisible hand’....
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