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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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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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Created by: LoreleiBurnett
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