Business

What is PPF ?

• Possible Productivity Format

• Production Possibilities Frontier

• Product Possible Frame

• Product Possession

  Facts

Opportunity cost is ..

• The highest valued alternative that must be given up to engage in an activity

• The lowest valued alternative that must be given up to engage in an activity

• The possible available alternatives that must be considered

• All the costs involved in a valuable opportunity

Trade is..

• The act of exchanging goods between businesses

• The total value of exports

• The act of buying and selling

• When production is equal to consumption

Factors of production are..

• The outputs of goods and services

• The factors that help companies produce more items

• The types of raw materials used

• The inputs used to make goods and services

Circular-flow diagram is ..

• A model that illustrates how participants in markets are linked

• The circle that connects buyers and sellers

• The continuous flow of goods and services to the market

• A diagram that show how companies make profit

What is free market?

Define the word entrepreneur?

What are property rights?

What are the benefits of specialization?

Define scarcity?