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5 Cards in this Set
- Front
- Back
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trade-off |
when you give up something in order to have something else. |
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production possibilities frontier (PPF) |
illustrates the trade-offs facing an economy that produces only two goods. It shows the maximum quantity of one good that can be produced for any given quantity produced of the other. |
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efficient |
describes a market or economy that takes all opportunities to make some people better off without making other people worse off. |
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factors of production |
resources used to produce goods and services. |
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technology |
the technical means for producing goods and services. |
