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9 Cards in this Set

  • Front
  • Back
Econmics
thee effiient use of scarce goods and resources for human satisfation
Scarcity
the inability of an economy to generate enough goods and sevices to saticfy all human wants
Factors of production
resources of land, labor, capital and entreprenoerial ability
Production possibilites curve
the potenial total output combinations of any two goods for an economy
Productive efficency
you cant increase the output of one good with out reducing the output of some other good
allocative efficency
occurs when no resouces are wasted
economic growth
an outward shift of the production possibilites frontier casued by increase in aviable resources or technology
opportunity cost
the forgone value of what you give up when you make a choice
law of increasing cost
as the output of one good exspands the opportuinty cost of producing additional units of this good increase