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Chapter 1 Key Terms2

ECO 251

TermDefinition
Marginal Analysis Comparing the marginal benefit of a choice with the marginal cost
Marginal Benefit The additional benefit resulting from a small increase in some activity
Marginal cost The additional cost resulting from a small increase in some activity
Variable a measure of something that can take on different values
Direct/Positive relationship When two (or more) variables tend to move in the same direction
Indirect/Negative relationship When two (or more) variables tend to move in the opposite direction
Production The conversion of resources into goods
Production Possibilities Curve Shows the maximum combinations of goods that an economy can produce in a given period
Law of increasing costs as more of a particular good is produced, eventually its cost per unit increases because increasing amounts of resources must be used
economic growth an expansion of productive capabilities
Created by: SavanahT
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