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Households in the Circular Flow Model:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
The market system has lots of features, one of these is:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
When using the economic perspective, economists view the world through the lens of:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
If the unemployment rate fell, what impact would that have on a nation's Production Possibility Curve?
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
If you decide to buy a new car, you must believe that the:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
A point on the Production Possibilities Curve is:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
In the Production Possibility Curve, we show Economic Growth by:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
A movement along the Production Possibilities Curve would indicate:
Attainable and Efficient.
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
Scarcity
Society has chosen to produce a different combination of goods.
Sell resources and buy goods.
Competition.
Shifting the entire curve to the right.
Nothing would happen to the curve, it would change where society was located.
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