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Last updated 1:53 AM on 8/31/26
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8 Terms

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Scarcity

Not enough resources to satisfy all wants.

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Trade-Off

Giving up one thing to get another.

3
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Opportunity Cost

The next-best alternative given up.

4
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PPC (Production Possibilities Curve)

Shows combinations of two goods that can be produced.

5
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Rationing Device

Helps decide who gets scarce goods/services.

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Profit

Money earned after considering costs.

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Decision Making

The process of evaluating costs, benefits, goals, and opportunity costs before making a choice.

8
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Moving Along a PPC

Producing more of one good usually requires producing less of another, which represents a trade-off.