Econ 101 SIWeek 1The real cost of something is its _____________. The opportunity cost is what you must __________ to get something else you want. There is always a trade off.A _________ decision is a matter of how much. Such as how much is that _______ pop worth to me compared to the first pop.Why do people specialize in certain tasks? People can get more of what they want through _________ than they could if they were self-sufficient, making them able to consume _________ their Production Possibility Frontier.Someone has a ______________ in producing a good or service if they have the lower opportunity cost. This means they can produce more output per unit of input.Being able to produce more of both goods is called _______________. Why would somebody with absolute advantage want to trade with somebody? A point on the Production Possibility Frontier would be?A point left of the production possibility frontier would be? A point right of the production possibility frontier would be?The opportunity cost for the good on the X axis is the ______________.Econ 101 SIWeek 1The Tivoli and Frivoli Tribe Prolbem.Draw the Production Possibility Frontier for each tribe.Tivoli: Frivoli:Meat BallsSpaghetti Meat BallsSpaghetti 0 30 0 40 50 0 30 0 0 40 60 0Find the opportunity cost and which tribe has the comparative advantage.Tivoli’s opportunity cost of producing each.Spaghetti:Meatballs:Frivoli’s opportunity cost of producing each.Spaghetti:Meatballs:With the new
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