Shared Flashcard Set

Details

Title

Econ 101!

Description

All that super-fun, awesome, satanic vocab of Econ 101!

Total Cards

Subject

Economics

Level

Undergraduate 1

Created

05/10/2010

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Additional Economics Flashcards

Term

Opportunity Cost

Definition

What you must give up in order to get an item you want

Term

Trade-off

Definition

A comparison of costs and benefits

Term

Production Possibility Frontier

(PPF)

Definition

A model meant to improve our understanding of trade-offs by considering a simplified economy that produces goods and services

Term

Factors of production

Definition

Resources used to produce goods and services