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;
12 Cards in this Set
- Front
- Back
|
implicit + explicit costs
|
opportunity cost
|
|
|
dollars actually paid for something; $ that exchanges hands
|
explicit costs
|
|
|
sacrifices
|
implicits costs
|
|
|
reveals the max quantity of a product society is capable of producing given the quantity of another
|
production possibilities frontier
|
|
|
the more of something we produce, the greater the opp cost of producin even more of it
|
law of increasing opportunity cost
|
|
|
T/F PPF slope increases further right
|
true
|
|
|
with transfer of resources, the productivity if these resources is bound to diminish
|
law of increasing opportunity cost
|
|
|
value of output gained is less than the value of output lost
|
law of increasing opp cost
|
|
|
operation w/in the PPF
|
recession
|
|
|
Economic Policy Goals
|
1) Econ growth (increase in GDP)
2) low unemployment rate 3) low inflation |
|
|
% change in the price level from one period to the next
|
inflation rate
|
|
|
total value of all the final goods and services produced for the marketpalce during a given year
|
GDP
|
