Microeconomics Review #1 - ECONOMICS WITH MR. KOTRODIMOS
|Unit 2 Problem Set: Basic Economics Concepts |
|Key Terms (Define the following) 5 points |3 Economic Systems 6 points |
|1. Scarcity |1. Centrally Planned Economies (Communism) |
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|2. Consumer Goods vs. Capital Goods | |
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|3.Trade-offs |2. Free-Market Economies (Capitalism) |
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|4. Opportunity Cost | |
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|5. Resource Market vs. Product Market |3. Mixed Economies |
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|6. List and explain Four Factors of Production | |
|Production Possibilities Curve (Frontier)* 5 points |
|Use the chart to create a PPC to the right. |Shoes |
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|A | |
|B | |
|C | |
|D | |
|E | |
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|Hats | |
|0 | |
|1 | |
|2 | |
|3 |Hats |
|4 | |
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|Shoes | |
|30 | |
|29 | |
|25 | |
|15 | |
|0 | |
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|Label the following three points on the graph: | |
|X= Unemployment/Inefficiency | |
|Y= Efficient | |
|Z= Impossible given current resource | |
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|Constant Opportunity Cost 5 points |Increasing Opportunity Cost 5 points |
|Why does this occur? |Why does this occur? |
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|Draw the graph below |Draw the graph below |
|Bicycles |Bikes |
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|Tricycles |iPhones |
|Efficiency 2 points |Shifting the PPC 3 points |
| Difference between allocative and productive efficiency: |Identify the three shifters of the PPC |
| |1. |
| |2. |
| |3. |
|Shifting and Changes Practice (draw 3 PPCs with pizza and cars) 1 point each |
|Scenario: Better resources for both products |Scenario: Increase in consumer demand for pizza |Scenario: Improvements in technology for only cars |
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|Circular Flow Model 10 points |
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|Resource Market |
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|Businesses Government Individuals |
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|Product Market |
-----------------------
Calculate the Opportunity Cost:
A’!B:_______
B’!C:_______
E’!D:_______
C’!A:_______
A→B:_______
B→C:_______
E→D:_______
C→A:_______
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