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Micro/Macro Econ

Chpt 1 sect 3

TermDefinition
Production possibilities curve a graph that shows alternative ways to use an economy's resources
Production possibilities frontier The line on a production possibilities graph that shows the maximum possible output
Efficiency Using resources in such a way as to maximize the production of goods and services
Underutilization Using fewer resources than an economy is capable of using
Cost The alternative that is given up because of a decision
Law of increasing costs law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases
Created by: acoronado
 

 



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