Foundations of Economics 0.0 / 5 ? EconomicsFoundations of EconomicsInternational BaccalaureateNone Created by: CJordanXCreated on: 25-11-13 20:07 Scarcity infinite wants, finite resources 1 of 9 choice how resources will be allocated because of finite resources 2 of 9 opportunity cost what you give up in order to have something else, movement along the curve 3 of 9 basic economic problems what, how, who 4 of 9 factors of production land. labor, capital, entrepreneurship 5 of 9 production possibility curve shows all possible combinations of two goods using resources efficiently at a given state of technology 6 of 9 economic growth (actual growth) increases output over time, moving towards the curve 7 of 9 potential growth will occur if the quality and quantity of the factors of production increase 8 of 9 what ppc illustrates scarcity, growth, inefficiency, opportunity cost, 9 of 9
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