Micro/Macro Econ Word Scramble
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| Term | Definition |
| Production possibilities curve | a graph that shows alternative ways to use an economy's resources |
| Production possibilities frontier | The line on a production possibilities graph that shows the maximum possible output |
| Efficiency | Using resources in such a way as to maximize the production of goods and services |
| Underutilization | Using fewer resources than an economy is capable of using |
| Cost | The alternative that is given up because of a decision |
| Law of increasing costs | law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases |
Created by:
acoronado