Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Production possiblities frontiers (PPF)
|
curve showing all comibinations of two good that can be produced with reousrces and technology aailable societes choices are limitred to poinsts on or inside the PPF
|
|
|
cost
|
whaterver must bergiven up to obtain something; the sacrifice of alternatives
|
|
|
law of increasing oppurtunity cost
|
the more of something we producte the greatre the oppurtunity cost of productin even more of it
|
|
|
productive inefficiency
|
more of at least one good can be produced w/o pulling resources from the production of any other good
|
|
|
recession
|
a slowdown in overall economic activity when reousrces are idl
|
