chapter 4 Flashcards
1
Q
capital goods
A
goods that are used in the production of other goods such as factories, offices etc
2
Q
consumer goods
A
goods and services that are used by people to satisfy their needs and wants
3
Q
margin
A
a point of possible change
4
Q
production possibility frontier
A
a curve which shows the maximum potential level of output of one good given a level of output for all other goods in the economy.
