Econ- Topic 1 Vocabulary
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| show | something that a country or business can use to increase its wealth
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| show | a long period of time during which there is very little or no rain
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| show | the act of giving up one benefit in order to gain another, greater benefit
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| guns or butter | show 🗑
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| opportunity cost | show 🗑
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| thinking at the margin | show 🗑
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| show | the extra benefit of adding one unit
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| show | the extra cost of adding one unit
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| show | 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 | show 🗑
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| show | the use of resources in such a way as to maximize the output of goods and services
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| production possibilities frontier | show 🗑
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| underutilization | show 🗑
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