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5 Cards in this Set
- Front
- Back
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TRADE-OFF
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Exchanging one thing for another
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OPPORTUNITY COST
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value of the next best alternative given up for the alternative that was chosen
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PRODUCTION
POSSIBILITIES CURVE |
graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
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MICROECONOMICS
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the branch of economic theory that deals with behavior and decison making by small units such as individuals and firms
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MACROECONOMICS
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the branch of economic theory dealing with the economy as a whole and decision making by large untis such as governments
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