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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

production possibilities frontier

the line on a production possibilities graph that shows the maximum possible output

efficiency

using resources in such a way as to maximize the production of goods and services

underutilized

using fewer resources than an economy is capable of using

cost

the alternative that is given up because of a decision

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