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6 Cards in this Set
- Front
- Back
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abundance
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resources are abundant to the extent that they exist in plentiful supply for meeting various goals
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scarcity
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resources are scarce to the extent that they aren't sufficient to allow all goals to be accomplished at once
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production-possibilities frontier
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a curve showing the max amounts of two outputs that society could produce from given resources, over a given time period
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opportunity cost
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the value of the best alternative that is foregone when a choice is made
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efficiency
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the use of resources in a way that doesn't waste any inputs
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technological progress
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the development of new products and new, more efficient, methods of production
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