Economics for vocab 9/12/22 Flashcards
The ability to produce more of a good or service with a given amount of time and resources.
Absolute Advantage
The ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options.
Choice
The advantage conferred if the opportunity cost of a producing good or service is lower for another producer.
Comparative Advantage
The allocation of scarce resources among members taking into account each members abilities, efforts, and desires.
Economics
Society getting the most it can from its scarce resources.
Efficiency
How to distribute things fairly
Equity
A proportionally very small addition or subtraction to the total quantity of some variable.
Marginal Changes
The cost added by producing one additional unit of a product or service.
Marginal Cost
Where the exchange of goods and services takes place.
Market
The cost of what you give up to get something
Opportunity Cost
A curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.
Production Possibilities
Not enough resources available to satisfy all the ways society wants to use it.
Scarcity
