Econ unit 2

Front

Why are opportunity costs important?

Back

It is important for individuals to consider the true costs of each alternative when making a decision

Front

Why is there an increase in electric vehicle producers entering the market?

Back

There is an increase in consumer demand for electric vehicles

Front

What is a basic assumption of economics?

Back

Wants are unlimited

Front

WHat is scarcity a result of?

Back

Limited resources and unlimited wants

Front

Why is it better to trade with people than to be self-sufficient?

Back

Being self-sufficient has a very high opportunity cost

Front

What is the curve that shows the maximum amount a company can make of two different goods?

Back

Production Possibilities Frontier (PPF)

Front

Why would the price of oil increase?

Back

There is an increase in the cost of goods for which oil is an input

Front

The amount of a good that firms are willing to sell at a given price

Back

The supply

Front

Which of the following goods are most likely to be considered substitutes?

a. Rubber and tires

b. Hoodies and sweatshirts

c. Hot dogs and mustard

Back

b. Hoodies and jackets

Front

A good that is sometimes used in combination with another good

Back

A complementary good