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unit 1 vocabulary,mp

mrs.price

QuestionAnswer
scarcity? is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources
opportunity cost? The loss of potential gain from other alternatives when one alternative is chosen.
trade-off is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect. It often implies a decision to be made with full comprehension of both the upside and downside of a particular choice
factors of production? any commodities or services used to produce goods and services
allocate? to assign
rational decision? weighing the marginal benefits an the marginal cost
productivity? measures the amount of output produced with a given amount of productive factors
specialialzation concentrating on only one job&building up your experience in that job.
production possibilities curve weighs marginal cost and marignal benefits
broad economic goals
Created by: britt1993
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