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Economic systems must address?
Broad social / economic goals. The political process. The production possibilities curve. Utility.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
What concepts should be remembered to understand why economics as a field of study exists?
The concepts that should be remembered to understand why economics as a field of study exists include production, demand and supply, economic system, the role of the government, and business cycles.
Economic growth is a measure of the increase in?
An outward shift of the production possibilities curve
What economic data does a production possibilities curve bring together?
Total value of 4 factors of production including:LandLaborCapitalEnterprizeThe PPC curve adds all these factor ups and create a curve show the possible optimum level of production for 2 competing goods.
Economic systems must address?
Broad social / economic goals. The political process. The production possibilities curve. Utility.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
Which of the following concepts can be represented effectively through use of a model?
Concepts like biological processes, economic systems, and climate change can be effectively represented through models. Models help to simplify complex systems and relationships, allowing us to better understand and study these concepts in a controlled manner.
What the production possibilities curve?
It is a graph that represents various maximum combinations of output a nation can produce with limited economic resources in a fixed period of time.
What concepts should be remembered to understand why economics as a field of study exists?
The concepts that should be remembered to understand why economics as a field of study exists include production, demand and supply, economic system, the role of the government, and business cycles.
Economic growth is a measure of the increase in?
An outward shift of the production possibilities curve
Which economic systems were represented by the US and the USSR during the cold war?
There economic status was slowly dropping due to the increase of percent of the national budget went into the war efforts and production of nuclear warheads, missiles, and bombs
Economic concepts were designed and and introduced during which period?
1700's
What economic data does a production possibilities curve bring together?
Total value of 4 factors of production including:LandLaborCapitalEnterprizeThe PPC curve adds all these factor ups and create a curve show the possible optimum level of production for 2 competing goods.
Economic growth may be represented by a?
Economic growth is represented by an increase in demand for products and therefore, an increase in employees being hired.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Why is GDP an imperfect measure of the total production in the economic?
because it include all production values, so it is imperfect measure of the total production in the economic.
