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Definition
| getting the maximum benefits using all resources |
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Definition
| distributing economic prosperity equally throughout all of society |
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Definition
| what you give up to obtain something |
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Definition
| an incremental change to an existing plan of action |
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Definition
| the impact of someone's decisions on a bystander |
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Definition
| the amount of goods and services produced from each unit of labor input |
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Definition
| produced by HOUSEHOLDS; used by FIRMS to create goods and services |
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Term
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Definition
| a graph that shows the combinations of output that the economy can possibly produce given the available input factors |
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Term
| positive vs. normative claims |
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Definition
positive claim: descriptive
normative claim: perscriptive |
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Term
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Definition
| the ability to produce a good using fewer inputs than another producer |
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Term
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Definition
| when the price of a good rises, the amount of the good produced also rises |
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Term
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Definition
| table that shows the relationship between price and how much of a good is produced |
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