Trade-Offs and Trade
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12 Terms
Goods and Services
Things people value and produce to satisfy wants.
Factors of production
Land, Labor, Capital, Entrepreneurship
Production efficiency
When it is not possible to produce more of one good or service without producing less of something else.
Production inefficiency
Wasting resources.
Opportunity cost
The value of what is given up when choosing the next best thing
PPF (Production Possibility Frontier)
A description of the limits to what can be produced given the available resources and technologies.
Economic growth
The expansion of production and possibilities.
Comparative advantage
When someone can produce a good at a lower opportunity cost.
Absolute advantage
When someone is more productive than others and can outperform in many activities.
Market
Any arrangement that brings buyers and sellers together.
Market Price
Coordinates the choices made by buyers and sellers of a good.
Households, Firms
Economic life is organized by 2 categories