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					American Free              The Circular Scarcity – in
                The PPF                               Public Goods
 Enterprise               Flow Diagram Big City


    5 pt         5 pt         5 pt          5 pt         5 pt


   10 pt         10 pt        10 pt        10 pt         10 pt


   15 pt         15 pt        15 pt        15 pt         15 pt


   20 pt         20 pt        20 pt        20 pt         20 pt


   25 pt         25 pt        25 pt        25 pt         25 1pt
 This right, protected by the Fifth
Amendment is one of our most basic
         economic rights.



                                      2
What are property rights?




                            3
The study of the behavior of the
     economy as a whole.




                                   4
What is macroeconomics?




                          5
Two things the government does
   to help consumers in the
           economy.



                                 6
What are provide information,
 and protect people’s health,
     safety and welfare.



                                7
  The study of the economic
behavior of smaller segments of
         the economy.



                                  8
What is microeconomics?




                          9
The 3 basic principles of free
         enterprise




                                 10
What are profit motive, open
opportunity, and economic
          rights?



                               11
Reason why it is not possible to
 produce at a point outside the
             curve



                                   12
What is because there aren’t
   enough resources?




                               13
One reason that could shift the PPF
        curve to the right




                                      14
  What is an increase in resources,
  technological improvements, or
improvements in the productivity of
             resources?



                                      15
The meaning of a production
 point inside the PPF curve



                              16
  What is the economy is
underutilizing its resources?



                                17
One reason that the PPF curve
   might shift to the left?




                                18
What is a decrease in resources
or a decline in the productivity
         of resources?



                                   19
           On the PPF curve:
          TVs          IPODs
           0             10
            1             9
            2             7
            3             4
            4             0

The opportunity cost of the production of 3
                    TVs
                                        20
What is 6 IPODs?




                   21
The 2 buyers and sellers in the
    circular flow diagram




                                  22
What are households and
      businesses?




                          23
Market where land, labor, and
 capital are bought and sold




                                24
What is the factor or resource
          market?




                                 25
Sellers of the factors of
      production




                            26
Who are households?




                      27
Buyers of finished goods and
          services




                               28
Who are households?




                      29
Name for the income businesses
 receive from selling finished
      goods and services



                                 30
What is revenue?




                   31
Scarcity occurs because there
are limited resources to satisfy
     _________________



                                   32
What are unlimited wants?




                            33
The shape of the PPF curve




                             34
What is downward-sloping to
         the right?




                              35
The highest valued alternative
  given up as the result of a
          decision



                                 36
What is opportunity cost?




                            37
If you are producing on the PPF
curve, what you must do in order
   to produce more of 1 good.



                                   38
What is give up some of the
           other?




                              39
The opportunity cost of a good
  or service can never be the
 __________________ of the
        good or service.



                                 40
What is the price?




                     41
A public good is a good or
service that is paid for by
   ________________



                              42
What is the government?




                          43
If public goods were paid for by
 private individuals, it would be
  difficult or impossible to not
 provide the good or service to
           these people.


                                    44
Who are non-payers?




                      45
3 examples of public goods




                             46
  What are schools, museums,
roads, fire dept., police, military,
            dams, etc.?



                                       47
  Extra benefits that society
receives from the purchase of
        public goods



                                48
What are positive externalities?




                                   49
 Additional costs incurred as the
result of the purchase of a public
               good



                                     50
What are negative externalities?




                                   51
       Final Jeopardy

    One of the 3 factors of
 production, these are the tools
(physical or educational) used in
  the production of a good or
             service.
What is capital?




                   53

				
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posted:1/22/2012
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