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