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What does a bowed-out PPC indicate?

Increasing opportunity cost as more of a good is produced.

List the nine central concepts in IB Economics.

Scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention.

How does a planned economy answer the basic economic questions?

Through centralised government decision-making.

What assumption is made about resources in the PPC model?

Resources are fully employed and used efficiently.

What does a point outside the PPC represent?

An unattainable combination of goods with current resources and technology.

What can cause the PPC to shift outwards?

An increase in resources, better technology, or improved productivity.

What is opportunity cost?

The value of the next best alternative foregone when making a choice.

What three basic economic questions must all economies answer?

What to produce, how to produce, and for whom to produce.

What does a point inside the PPC represent?

Underutilisation of resources or unemployment.

What are the four factors of production?

Land, labour, capital, and entrepreneurship.

Name the two main branches of economics.

Microeconomics and macroeconomics.

What does the PPC model show?

The maximum possible output combinations of two goods given available resources and technology.

How is scarcity linked to sustainability?

Sustainability requires managing scarce resources so future generations can meet their needs.

What does movement along the PPC illustrate?

The concept of opportunity cost as more of one good is produced and less of another.

Give an example of a free good.

Air in an unpolluted environment.

Define scarcity in economics.

The situation where unlimited wants exceed limited resources.

What is a mixed economy?

An economic system combining elements of market and planned economies.

What is actual growth versus potential growth in the PPC model?

Actual growth is movement towards the PPC; potential growth is an outward shift of the PPC.

How does a market economy answer the basic economic questions?

Through the forces of supply and demand with minimal government intervention.

What does it mean to say economics is a social science?

It studies human behaviour in relation to the allocation of scarce resources to satisfy unlimited wants.

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Tesla has its own law of demand – profits soaring despite higher prices!

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scarcity

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