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4 Cards in this Set

  • Front
  • Back
Economics
The study of the way society makes decisions regarding the use of scarce resources.
Economy
A self-sustaining system in which many independant transactions in a society create distinct flows of money and products.
Efficiency
A firm’s ability to produce at the lowest possible cost, measured by either it’s cost per unit or it’s unit labour cost.
Opportunity cost
The sum of all that is lost from taking one course of action over another or of producing one item measured in terms of another that could have been produced with the same resources.