Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/7

Click to flip

7 Cards in this Set

  • Front
  • Back
factors of production
economies use four basic categories of resources or inputs to produce all goods and services: land, labor, physical capital, and entrepreneurship
production possibilities frontier
the curve that shows the combinations of goods and services that an economy can produce in a given time period
gross domestic product
the value of all the new final goods and services produced annually in an economy`
allocative efficiency
when an economy produces the combination of goods and services that it values most highly
equity
when an allocation is fair or just. different people may have very different conceptions of what truly is fair or just
comparative advantage
when one individual or group has a lower opportunity cost of pursing an activity than does another individual or group
absolute advantage
when an individual or group is to produce more of a good than another individual or group