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Eco- CH. 2

Opportunity Cost

TermDefinition
Opportunity Cost (definition) -the value of what you must give up when a choice or decision is made -modeled on a production possibilities graph (PPC)
Opportunity Cost a.k.a... the value of the next best alternative use of time, money, or resources
Trade off when you give something up in order to get something else
Production Possibilities Curve -illustrates the trade-offs facing an economy that hypothetically only produces 2 goods with their resources -it shows the max quantity of 1 good that can be produced for each possible quantity of the other good produced
Efficient -when an economy uses or employs all its resources -efficient is being on your PPC curve
Efficient (IMP--MC on TEST) -you can't make more of one product without producing less of the other product
Economic Growth -this means an increase in the production of goods and services
Economies measure their growth using... GDP
Economic growth is caused by... 1) better technology 2) more resources 3) investing in HUMAN CAPTIAL
marginal benefit additional benefit resulting from a small increase in some activity
marginal cost additional cost resulting from a small increase in some activity
marginal principle increase the level of an activity as long as its marginal benefit exceeds its marginal cost *choose the level at which the marginal benefit=marginal cost*
principle of voluntary exchange a voluntary exchange between 2 people makes both people better off
nominal value the face value of an amount of money
real value the value of an amount of money in terms of what it can buy
principle of diminishing returns suppose output is produced with 2+ inputs (resources), and we increase 1 input while holding the other input or inputs fixed. Beyond some point---called the point of diminishing returns---outputs will INCREASE at a DECREASING rate
Created by: bbell123
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