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

1/6

Click to flip

6 Cards in this Set

  • Front
  • Back
Opportunity Costs
the highest-balued alternative that must be forgone when a choice is made
Tradeoff
the giving up of one good or activity in order to obtain some other good or activity
Marginal Cost/ Marginal Benefit
additional cost /additional benefit
Production Possibilities Curve (PPC)
a graphical representation showing the maximum quantity of goods and services that can be produced using limited resources to the fullest extent possible
Marginal Opportunity Cost
the amount of one good or service that must be given up to obtain one additional unit of another good or serice, no matter how many units are bein made
Comparative Advantage
the ability to produce a good or service at a lower opportunity cost than someone else