MICROecon for CLEPS Vocab Terms

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7 Terms

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Economics

the study of how people and society allocate scarce resources

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Opportunity Cost

what you give up to get something else

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Production Possibilites Frontier (PPF)

represents the opportunity costs and economy faces in the production of two goods

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Economic Self-sufficiency

produce all of the goods we need/want to consume ourselves

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Specialization and Trade

produce one good that we have a comparative advantage in and trade with others for what we need

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Property Rights

determine who owns a resource and who decides how it is used

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Marginal Analysis

examination of the associated costs and potential benefits of specific business activities or financial decisions