Chapter 2 Vocab- Micro


vocabulary/key terms from chapter 2- microeconomics
Olivia t
Flashcards by Olivia t, updated more than 1 year ago
Olivia t
Created by Olivia t about 5 years ago

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Question Answer
a curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technology production possibilities frontier (PPF) aka production possibilities curve (PPC)
labor, capital, natural resources and other inputs used to make goods or services factors of production
the act of buying and selling trade
the ability of an individual, firm, or a country to produce more of a good or service than competitors using same amount of resources absolute advantage
ability of an individual, firm, or a country to produce a good or service at a lower opportunity cost than competitors comparative advantage
a market for goods (ex: computers) or services product markets
a market for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability factor markets
a model that illustrates how participants in markets are linked circular flow diagram
market with few government restrictions on how a good or service can be produced/sold or on how a factor of production can be employed free market
the rights of individuals or firms have to the exclusive use of their property including the right to buy or sell it property rights
The ability of the economy to increase the production of goods and services. economic growth
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