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5 Cards in this Set
- Front
- Back
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Economics |
Is an allocation of scarce resources |
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Rationing systems |
Are ways of allocating scarce resources |
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Efficency |
Is doing something quickly without wasting resources |
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Opportunity cost |
Is the cost of an economic desicion in terms of the best next alternative forgone |
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A production possibilities curve |
Shows the maximum combination of goods or services that can be produced in a given time period , assuming that all resources are fully employed but technology is fixed |
