Podcast
Questions and Answers
What is the concept that economic agents must consider when making decisions due to limited resources?
What is the concept that economic agents must consider when making decisions due to limited resources?
- Division of labor
- Specialization
- Consumer goods
- Opportunity cost (correct)
In the context of the text, which factor of production involves managerial ability and taking risks?
In the context of the text, which factor of production involves managerial ability and taking risks?
- Capital
- Entrepreneurship (correct)
- Land
- Labour
Which type of resource includes oil, coal, and water?
Which type of resource includes oil, coal, and water?
- Non-renewable resources
- Human capital
- Natural resources (correct)
- Renewable resources
What do producers have to choose between in the example provided in the text?
What do producers have to choose between in the example provided in the text?
Which term describes finished or semi-finished consumer goods in the production process?
Which term describes finished or semi-finished consumer goods in the production process?
Which factor of production involves the physical goods used in the production process?
Which factor of production involves the physical goods used in the production process?
What happens when an economy experiences an increase in the quantity or quality of resources?
What happens when an economy experiences an increase in the quantity or quality of resources?
How does moving along the PPF differ from shifting the PPF?
How does moving along the PPF differ from shifting the PPF?
Which type of goods can be used to produce other goods?
Which type of goods can be used to produce other goods?
What is a common reason for a country's PPF curve to shift inwards?
What is a common reason for a country's PPF curve to shift inwards?
In the context of PPF, what does specialization refer to?
In the context of PPF, what does specialization refer to?
How does shifting the PPF curve outwards affect the opportunity cost of producing goods?
How does shifting the PPF curve outwards affect the opportunity cost of producing goods?
Why did Karl Marx view the free market as unstable?
Why did Karl Marx view the free market as unstable?
In a command economy, who determines 'what to produce'?
In a command economy, who determines 'what to produce'?
What is one advantage of a command economy over a free market economy?
What is one advantage of a command economy over a free market economy?
What is a key disadvantage of a command economy according to the text?
What is a key disadvantage of a command economy according to the text?
Which economic system combines features of both command and free economies?
Which economic system combines features of both command and free economies?
How does a mixed economy differ from a command economy?
How does a mixed economy differ from a command economy?
