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Economics exam 2

vocab and formulas for micro economics exam 2

QuestionAnswer
What are the four kinds of resources? Land, Capital, Labor,and Entrepreneurs
What two types of efficiency do we attempt to maintain? production efficiency and allocative efficiency.
What is production efficiency? producing the output for the lowest opportunity cost of the resources used
What is allocative efficiency? the goods and services produced are exactly the ones which create the most possible satisfaction for society
What method do we use to analyze production decisions? Production Possibilities Frontier (PPF)
Created by: wild9273
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