Introduction to economics
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Description and Tags
The Economic Problem, Economic versus Free Goods, Opportunity Cost, The PPF/PPC
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5 Terms
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PPF and PPC graph
A graph showing all possible combinations of two goods that can be produced with fixed resources and technology.
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Opportunity cost
The cost of the next best alternative option
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Need
Something that is essential to your survival for example water and food
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Want
want is something that isnt essential to survival but its good to have for example a mobile phone
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Economic problem
satisfying unlimited wants with limited resources, leading to choices
Note 
Flashcards (216)