Key terms for Chapter 2: Choice in a World of Scarcity
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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show | The ability to produce more of a good or service than another country.
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Comparative Advantage | show 🗑
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Invisible Hand | show 🗑
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show | When a person receives more of a good, the additional utility from each additional unit of the good decreases.
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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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Marginal Analysis | show 🗑
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Marginal Cost (MC) | show 🗑
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Marginal Benefit (MB) | show 🗑
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Normative Statement | show 🗑
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show | The benefit of the next best alternative you could have but gave up in order to gain something else.
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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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Allocative Efficiency | show 🗑
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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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