Flashcards
Chapter 2 Vocab- Micro
Cards in this deck (11)
- 1a curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technologyproduction possibilities frontier (PPF) aka production possibilities curve (PPC)
- 2labor, capital, natural resources and other inputs used to make goods or servicesfactors of production
- 3the act of buying and sellingtrade
- 4the ability of an individual, firm, or a country to produce more of a good or service than competitors using same amount of resourcesabsolute advantage
- 5ability of an individual, firm, or a country to produce a good or service at a lower opportunity cost than competitorscomparative advantage
- 6a market for goods (ex: computers) or servicesproduct markets
- 7a market for the factors of production, such as labor, capital, natural resources, and entrepreneurial abilityfactor markets
- 8a model that illustrates how participants in markets are linkedcircular flow diagram
- 9market with few government restrictions on how a good or service can be produced/sold or on how a factor of production can be employedfree market
- 10the rights of individuals or firms have to the exclusive use of their property including the right to buy or sell itproperty rights
- 11The ability of the economy to increase the production of goods and services.economic growth
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- vocabulary/key terms from chapter 2- microeconomics
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- Olivia t
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