Theme 1

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What is Ceteris Parabus
All other factors remain the same
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What is the basic economic problem
resources are scarce but human wants are infinite
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What is a renewable resource
A resource that can be replenished
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What is a sustainable resource
Used for economic activities in a manner so they wont run out
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What is opportunity cost
The benefit lost of the next best alternative when making a choice
5 of 6
What is a PPF graph, what does it show
A curve that shows all possible combinations of production, shows the maximum production when all economic factors of production are used efficiently
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Other cards in this set

Card 2

Front

What is the basic economic problem

Back

resources are scarce but human wants are infinite

Card 3

Front

What is a renewable resource

Back

Preview of the front of card 3

Card 4

Front

What is a sustainable resource

Back

Preview of the front of card 4

Card 5

Front

What is opportunity cost

Back

Preview of the front of card 5
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