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ECO2013 CH.2

TermDefinition
production possibilities frontier (PPF) the boundary between those combinations of goods and services that can be produced and those that cannot.
production efficiency the inability to produce more of one good without producing less of another good
marginal cost the opportunity cost of producing one more unit of a good or service
preferences the description of a person's likes and dislikes
marginal benefit the benefit received from producing one more unit of a good or service
marginal benefit curve shows the relationship between the marginal benefit of a good and the quantity of the good consumed
allocative efficiency When we cannot produce more of any one good without giving up some other good that we value more highly
comparative advantage person performing an activity at a lower opportunity cost than anyone else
specialization producing only one or a few goods
absolute advantage person who is more productive than others
economic growth The expansion of production possibilities—an increase in the standard of living
technological change the development of new goods and of better ways of producing goods and services
capital accumulation the growth of capital resources, which includes human capital
firm is an economic unit that hires factors of production and organizes those factors to produce and sell goods and services
market any arrangement that enables buyers and sellers to get information and do business with each other
money any commodity or token that is generally acceptable as a means of payment
property rights are the social arrangements that govern ownership, use, and disposal of resources, goods, or services
Created by: mikaelabiracial
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