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Econ- Topic 1 Vocab

Econ- Topic 1 Vocabulary

TermDefinition
resources something that a country or business can use to increase its wealth
drought a long period of time during which there is very little or no rain
trade-off the act of giving up one benefit in order to gain another, greater benefit
guns or butter a phrase expressing the idea that a country that decides to produce more military goods (“guns”) has fewer resources to produce consumer goods (“butter”) and vice versa
opportunity cost the most desirable alternative given up as the result of a decision
thinking at the margin the process of deciding whether to do or use one additional unit of some resource
marginal benefit the extra benefit of adding one unit
marginal cost the extra cost of adding one unit
cost/benefit analysis a decision-making process in which you compare what you will sacrifice and gain by a specific action
production possibilities curve a graph that shows alternative ways to use a country's productive resources
efficiency the use of resources in such a way as to maximize the output of goods and services
production possibilities frontier a line on a production possibilities curve that shows the maximum possible output an economy can produce
underutilization the use of fewer resources than an economy is capable of using
Created by: brittlloyd