Chapter 2: Production Possibilities
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Last updated 4:09 PM on 10/17/22
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7 Terms
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Absolute advantage
________ is the ability to produce something with fewer resources or to produce more with the same resources as another producer.
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Comparative advantage
________ is the ability to produce a good or service at a lower opportunity cost than another producer.
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Models
________ are used in economics and most other sciences to represent reality.
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Normative economics deals
________ with value judgments and decisions regarding how things should be.
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Positive economics
________ is more objective and provides descriptions of how things are.
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production possibilities model
The ________, is one of the most basic and useful models in economics.
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the three basic economic questions
What to produce
How to produce it?
For whom to produce?
How to produce it?
For whom to produce?
