Econ- Topic 1 Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| resources | something that a country or business can use to increase its wealth
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| drought | a long period of time during which there is very little or no rain
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| trade-off | the act of giving up one benefit in order to gain another, greater benefit
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| 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
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| opportunity cost | the most desirable alternative given up as the result of a decision
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| thinking at the margin | the process of deciding whether to do or use one additional unit of some resource
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| marginal benefit | the extra benefit of adding one unit
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| marginal cost | the extra cost of adding one unit
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| cost/benefit analysis | a decision-making process in which you compare what you will sacrifice and gain by a specific action
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| production possibilities curve | a graph that shows alternative ways to use a country's productive resources
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| efficiency | the use of resources in such a way as to maximize the output of goods and services
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| production possibilities frontier | a line on a production possibilities curve that shows the maximum possible output an economy can produce
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| underutilization | the use of fewer resources than an economy is capable of using
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