Ch. 2 Production Possibilities, Opportunity Cost, and Economic Growth

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4 Terms

1
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opportunity cost

the next best alternative that was sacrificed when making a choice

  • what you choose means there’s other options you didn’t choose

2
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technology

the body of knowledge applied to how goods are produced

3
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investment

the accumulation of capital, such as factories, machines, & inventories used to produce goods and services

4
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economic growth

every year you have to grow what you did last year + more