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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