Key terms for Chapter 2: Choice in a World of Scarcity
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| show | The ability to produce more of a good or service than another country.
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| show | The ability to produce a good or service at a lower opportunity cost than another country.
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| show | Promotes public interest through a market system where the primary motivation is self-interest.
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| Law of Diminishing Marginal Utility | show 🗑
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| Law of Diminishing Returns | show 🗑
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| show | The more of a good that is produced, the greater the opportunity cost of producing the next unit of that good is.
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| show | Making decisions based upon weighing the marginal benefits and costs of that action.
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| Marginal Cost (MC) | show 🗑
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| show | The additional benefit received from the consumption of the next unit of a good or service.
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| Normative Statement | show 🗑
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| Opportunity Cost | show 🗑
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| show | A statement containing something that can be proved.
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| show | A graphical representation of opportunity cost.
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| Productive Efficiency | show 🗑
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| Allocative Efficiency | show 🗑
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| show | Costs that were made in the past and cannot be recovered.
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| show | When something is given up in order to get another #ThankYouScarcity
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| Utility | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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