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7 Cards in this Set
- Front
- Back
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opportunity costs
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the highest-valued alternative that must be forgone when a choice is made
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tradeoff
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the giving up of one good or activity in order to obtain some other good or activity
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production possibilities curve (PPC)
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a graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently
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marginal cost or marginal opportunity cost
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the amount of one good or service that must be given up to obtain one additional unit of another good or service, no matter how many units are being produced
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gains from trade
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the difference between what can be produced and consumed without specialization and trade and with specialization and trade
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comparative advantage
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the ability to produce a good or service at a lower opportunity cost than someone else
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private property rights
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the right of ownership
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