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Key terms for Chapter 2: Choice in a World of Scarcity

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Term
Definition
show The ability to produce more of a good or service than another country.  
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show The ability to produce a good or service at a lower opportunity cost than another country.  
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show Promotes public interest through a market system where the primary motivation is self-interest.  
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Law of Diminishing Marginal Utility   show
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show As we add additional increments of resources to producing a good or service, the marginal benefit from those additional increments will decline.  
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show The more of a good that is produced, the greater the opportunity cost of producing the next unit of that good is.  
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show Making decisions based upon weighing the marginal benefits and costs of that action.  
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show The additional cost incurred from the consumption of the next unit of a good or service.  
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show The additional benefit received from the consumption of the next unit of a good or service.  
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show A statement that contains a value judgment ("should, have to") and cannot be verified by scientific methods.  
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Opportunity Cost   show
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Positive Statement   show
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Production Possibilities Frontier (PPF)   show
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show The production of maximum output for a given level of technology and resources (All points on PPF are productively efficient).  
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show The production of the combination of goods and services that provides the most net benefit to society (Only one point on PPF is allocatively efficient).  
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show Costs that were made in the past and cannot be recovered.  
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Trade-Offs   show
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show A term used to determine the worth or value of a good or service.  
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Created by: LoreleiBurnett
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