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contecon1

QuestionAnswer
efficiency Use of resources in a way that minimizes output of goods and services.
goods Physical objects that can be exchanged.
trade-off All possible alternatives that are rejected when a choice is made.
scacity/shortage Limited quantities of resources to meet unlimited needs or desires.
services Actions or activities that one person performs for another.
opportunity cost Most desirable alternative given up when people chose one course or another
underutilization Use of fewer resources than the economy is capable of using.
labor Paid effort that people devote to a task.
factors of production labor, land and capital
production possibilities graph Representation of alternative ways to use the economy's resources.
production possibilities frontier The line that shows different production possibilities for an economy.
production possibilities graph Representation of the possible ways an economy could use resources.
Created by: salus
 

 



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