Shortages in money
Scarcity of resources
Underutilization of resources
High opportunity costs
Production Possibilities frontiers
Guns or butter
Other uses of the money used to pay college tuition.
Other uses of the time used to study and attend classes.
Other uses of the extra income that is earned because of the college education.
Other uses of the money that is used to pay for books while going to college.
Is the study of how people use their money to gain more skills and material things.
The study of how people and societies make decisions about their resources to meet their unlimited wants.
Is the study of how governments and organizations attempt to create incentives to manipulate the behavior of individuals.
A social study that attempts to find the best ways to make people and societies richer.
High school graduate
High school drop out
The curve shifts to the left
The curve becomes a straight line
The curve shifts to the right
The curve does not change at all
Not enough banks were loaning money.
Subprime mortgages led to many people not paying off their debts.
Subprime mortgages allowed too few people to buy a home.
Too many people lost their jobs.
6 units of good X
16 units of good Y
The money you spent on producing the 16 units of Y
0 units of good X
No free lunch
People in Iowa purchase more ethanol gas than people in other states.
Teenagers spend more money on clothes than the elderly
The nations debt has exceeded more than $10 trillion
Men are more likely to spend money on video games than women
FedEx delivery trucks
Pizza oven at Black Market Pizza
Cashier at Alco
Human made goods used to produce other goods and services
Gifts of nature used to make other goods and services
Recycled goods that are used to make other goods and services
The physical or mental skills used to make other goods and services
Marginal benefit analysis
Law of increasing costs
Marginal cost analysis
Invade the other country and take their resources
Trade with the other country and focus on producing the product in which the country has comparative advantage.
Only produce wheat because you can live without televisions
Only produce televisions because you can't live without television