FHS Unit 1 Midpoint Flashcard

Front

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

Back

scarcity

Tags

PFLE.1.A

Front

If a point lies inside the curve, what does that tell?

Back

There is an idle, or unproductive, or use of resources

Tags

PFLE.1.B

Front

What is the production possibilities curve?

Back

a graph that shows how efficient an economy can produce a combination of 2 goods

Tags

PFLE.1.B

Front

What does point Y represent on the PPC?

Back

Unattainable / impossible

Tags

PFLE.1.B

Front

What does point B represent?

Back

Production at the country's maximum potential

Tags

PFLE.1.B

Front

Which scenario contributes towards the shifting of the curve in the picture above? Options: When a country is struck by a natural disaster, natural resources are either exhausted or reduced due to the incident. Huge reduction in Construction Expenses and equipment manufacturing. Economic decline due to Covid 19. None of the above.

Back

Huge reduction in Construction Expenses and equipment manufacturing

Tags

PFLE.1.B

Front

If a natural disaster strikes, the production possibilities curve can shift

Back

To the left

Tags

PFLE.1.B

Front

What can cause a production possibilities curve to move to the right? Options: thousands of people move out of the country, an epidemic kills thousands of young men and women, a new invention lowers the cost of production, the population is growing increasingly old

Back

a new invention lowers the cost of production

Tags

PFLE.1.B

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

Tags

PFLE.1.B

Front

An increase in the labor force would cause the PPF to

Back

Shift outward

Tags

PFLE.1.B