16. Give 2 examples of things that could motivate an entrepreneur to take on risk. 17. Define specialization. 18. What does specialization and division of labor increase? 19. Who is involved in...


16. Give 2 examples of things that could motivate an entrepreneur to take on risk.<br>17. Define specialization.<br>18. What does specialization and division of labor increase?<br>19. Who is involved in voluntary exchange?<br>20. Why do people participate in voluntary exchange?<br>21. What is an incentive?<br>22. What are the 2 types of incentives?<br>23. Give an example of each type of incentive.<br>24. How do economists say people respond to incentives?<br>25. Draw and label a PPF.<br>26. What could cause a PPF to shift outward?<br>27. Define standard of living.<br>28. An outward shift of the PPF would do what to standard of living?<br>

Extracted text: 16. Give 2 examples of things that could motivate an entrepreneur to take on risk. 17. Define specialization. 18. What does specialization and division of labor increase? 19. Who is involved in voluntary exchange? 20. Why do people participate in voluntary exchange? 21. What is an incentive? 22. What are the 2 types of incentives? 23. Give an example of each type of incentive. 24. How do economists say people respond to incentives? 25. Draw and label a PPF. 26. What could cause a PPF to shift outward? 27. Define standard of living. 28. An outward shift of the PPF would do what to standard of living?

Jun 10, 2022
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