- What are the factors of production?
- Why does the study of economics exist?
- What is the opportunity cost of a certain product or choice?
- What is the difference between Macroeconomics and Microeconomics
- What are the incomes/rewards received by the four factors of production?
- What are the three fundamental economic questions?
- What is Productive efficiency? What is allocative efficiency?
- What is the difference between a positive statement and a normative statement?
- What is the production possibilities curve (PPC)?
- What is the law of increasing opportunity cost?
- What does a point inside the PPC mean?
- What does the negative slope of the PPC implies?
- What causes the PPC to shift outward and/or inward?
- What is true and untrue about economic theory?
- What are the underlying assumptions of the law of increasing opportunity cost
- What is the difference between capital goods and consumer goods?
- Why are specialization and trade important?
- What does a point on the PPC show?
- Why is economic growth important?
(A) Identify the FOUR (4) assumptions underlying the Production…
(A) Identify the FOUR (4) assumptions underlying the Production Possibilities Curve. Ireland is known for the production of Houses and Agricultural products. The following is a production possibility schedule for Ireland. Combinations Houses Agricultural Products A 0 150 B 10 145 C 20 130 D 30 100 E 40