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Definition
What you sacrifice to get something |
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Inputs used to produce goods and services. Land, Labor, capital. |
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Term
Production Possibilities Curve |
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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 |
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Definition
Extra benefit resulting from a small increase in an activity |
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Term
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Definition
Additional Cost resulting from a small increase in some activity |
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Definition
An arrangement that allows people to exchange things |
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Term
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Definition
Face value of an amount of money |
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Term
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Definition
The value of an amount of money based on its buying power |
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