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6 Cards in this Set
- Front
- Back
production possibilities curve |
a graph that shows alternative ways to use an economy's resources |
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production possibilities frontier |
the line on a production possibilities graph that shows the maximum possible output |
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efficiency |
using resources in such a way as to maximize the production of goods and services |
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underutilized |
using fewer resources than an economy is capable of using |
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cost |
the alternative that is given up because of a decision |
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law of increasing costs |
law that states that as we shift factors of production from making one good or service to another , the cost of producing the second item increases |