Chapter 2 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| Preferences | The value a person puts on a good or service. The reason trades occur is the seller has a lower value of the item they are selling than the buyer. |
| Autarky | A nation or person is economically self-sufficient. Produces all goods and services they consume |
| Absolute Advantage | the ability to produce the same good using fewer inputs than another produce |
| Productivity | in economics, measures output per unit of input, such as labor, capital or any other resource |
| PPF | shows all the combinations of goods that a country can produce given its productivity and supply of inputs |
| Comparative Advantage | the ability to produce a good with a lower opportunity cost |
Created by:
eclardy
Popular Economics sets