PPF Flashcards

1
Q

opportunity cost

A

cost of one thing in terms of the next best option
which has been given up

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2
Q

consumer goods

A

goods that are demanded and bought by households and individuals

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3
Q

Capital goods

A

goods that are produced in order to aid the production of consumer goods in the future

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4
Q

inward shift

A

an economy has suffered a loss or exhaustion of some of its scarce resources

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5
Q

inward shift causes

A

war/conflict
large scale net migration outward
natural disasters
fall in productivity/efficiency

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6
Q

outward shift

A

more of both goods are able to be produced

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7
Q

outward shift causes

A

inventions/innovations
increase in productivity
increase in amount of raw mateials

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