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Econ- Topic 1 Vocab
Econ- Topic 1 Vocabulary
| Term | Definition |
|---|---|
| resources | something that a country or business can use to increase its wealth |
| drought | a long period of time during which there is very little or no rain |
| trade-off | the act of giving up one benefit in order to gain another, greater benefit |
| guns or butter | a phrase expressing the idea that a country that decides to produce more military goods (“guns”) has fewer resources to produce consumer goods (“butter”) and vice versa |
| opportunity cost | the most desirable alternative given up as the result of a decision |
| thinking at the margin | the process of deciding whether to do or use one additional unit of some resource |
| marginal benefit | the extra benefit of adding one unit |
| marginal cost | the extra cost of adding one unit |
| cost/benefit analysis | a decision-making process in which you compare what you will sacrifice and gain by a specific action |
| production possibilities curve | a graph that shows alternative ways to use a country's productive resources |
| efficiency | the use of resources in such a way as to maximize the output of goods and services |
| production possibilities frontier | a line on a production possibilities curve that shows the maximum possible output an economy can produce |
| underutilization | the use of fewer resources than an economy is capable of using |
Created by:
brittlloyd
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