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Economics Unit1

QuestionAnswer
TINSTAAFL there is no such thing as a free lunch
Economics The social science concerned with how individuals, institutions and society make optimal choices under condition of scarcity.
Productive Efficiency occurs when the economy is utilizing all of its resources, and operates at its production possibilities curve (frontier)
Allocation Efficiency a situation in which the limited resource of a firm are allocated in accordance with the wishes of consumers
Law of Diminishing Returns The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.
Created by: alexmayu
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