Chapter1, Section3 Word Scramble
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| Term | Definition |
| Production Possibilities Curves | A graph that shows alternative ways to use an economy's productive resources. |
| Production Possibilities Frontier | On the graph, it is the line that is drawn connecting the values of both items produced. |
| Efficiency | Using resources in such a way as to maximize the production of goods and services. |
| Underutilization | Using fewer resources than an economy is capable of using. |
| Cost | Is the alternative given up when we choose one option over the other. ( This is not necessary money) |
| Law of Increasing Costs | As production switches from one item to another, more resources are necessary and cost of producing the second item increases. |
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lmeighan
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