Misc notes and study guides

Misc notes and study guides - Shifts vs Movements in Supply...

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Test 1 Review Chapter 1 Scarcity. What is it?(list answer) Efficiency vs. Effectives(list answer) Factors of Production Positive vs. Normative Statement Chapter 2 Opportunity Cost Law of Rising Opportunity Cost PPF Comparative Advantage and Absolute Advantage Chapter 16 Specialization- Why trade? Sources of Comparative Advantage Chapter 3 Factors that shift the Demand Curve Factors that shift the Supply Curve
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Unformatted text preview: Shifts vs Movements in Supply Curve Explain what a Production Possibility Frontier graph shows. One Hour Burgers Fries McDonalds 4 16 Burger King 5 15 Who has the absolute advantage for making burgers, fries? Who has the comparative advantage for each output? If the two companies are open 7 days a week, draw a PPF for each?...
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Misc notes and study guides - Shifts vs Movements in Supply...

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