| opportunity cost accounting cost choice producer production productive efficiency return unit cost reproductive natural resources economic cost economic growth efficient allocation of resources law of increasing opportunity cost law of diminishing returns factor of production explicit cost | land variable cost variable resources capital capital goods allocative inefficiency () production possibilities curve (table) implicit cost normal good scarcity full employment full production fixed resource resource allocation allocative efficiency specialization consumer goods |
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13. In what sense are wants satiable and in what sense are they insatiable?
14. Why are resources scarce?
15. When is a society economically efficient? What is meant by,,full production and how does it differ from,,full employment?
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6. When a production possibilities is written (or a production possibilities curve is drawn) four assumption are made. Which of the following is not one of those assumption:
a) only two products are produced;
b) the nation is not at war;
c) the economy has both full employment and full production;
d) the quantities of resources available to the economy are fixed.
7. The production possibilities curve is:
a) concave;
b) convex;
c) linear;
d) positive.
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1. : . ϳ. . 1 / . . . . .: , 2009. . 83 132.
2. . ϳ / . . . : 2000, 2006. . 80 140.
3. : . ϳ / . . . . .: , 2008, . 113 186.
