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Chapter 2
Vocab
8
Economics
Undergraduate 1
09/08/2008

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Term
Opportunity Cost
Definition
What you sacrifice to get something
Term
Factors of Production
Definition
Inputs used to produce goods and services. Land, Labor, capital.
Term
Production Possibilities Curve
Definition
Curve that shows the possible combinations of products that an economy can produce, given that its productive resources are fully employed and efficiently used
Term
Marginal Benefit
Definition
Extra benefit resulting from a small increase in an activity
Term
Marginal Cost
Definition
Additional Cost resulting from a small increase in some activity
Term
Market
Definition
An arrangement that allows people to exchange things
Term
Nominal Value
Definition
Face value of an amount of money
Term
Real Value
Definition
The value of an amount of money based on its buying power
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