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8 Cards in this Set

  • Front
  • Back
absolute advantage
- being able to complete a task using fewer resources (time, money, etc.)
comparative advantage
- being able to complete a task at a lower opportunity cost
attainable points on the PPC
- inside or on the curve
unattainable points on the PPC
- outside of the curve
efficient points on the PPC
- on the curve
inefficient points on the PPC
- inside the curve
principle of increasing opportunity costs
- occurs because people will first employ the resources with the lowest OC and then they'll run out of them and need to employ others with increased OCs
two ways to increase PPC
1.) increase resources
2.) increase technology - get more out of existing resources