Microecon chapter 1-3 midterm prep

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Last updated 8:16 AM on 9/21/26
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8 Terms

1
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Scarcity

Economic problem of unlimited human wants with limited resources

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opportunity cost

to give up something for something else

3
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marginal benefit

]satisfaction or value gained from consuming one more unit of a good or service.

4
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marginal cost

cost of producing one additional good or service

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acounting cost

expenses when producing a good or service

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Production Possibilities Frontier

a graph that shows the maximum out put of 2 goods or services with available technology and resources

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Absolute advantage

ability to produce more output using the same resources

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comparative advantage

the ability to produce goods and services at a lower opportunity cost