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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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Term
Definition
Absolute Advantage   show
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Comparative Advantage   show
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show Promotes public interest through a market system where the primary motivation is self-interest.  
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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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Law of Diminishing Returns   show
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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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show The additional benefit received from the consumption of the next unit of a good or service.  
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Normative Statement   show
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Opportunity Cost   show
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Positive Statement   show
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show A graphical representation of opportunity cost.  
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Productive Efficiency   show
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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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Utility   show
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Created by: LoreleiBurnett
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