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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| 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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