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chapter 2
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15
Economics
12th Grade
09/20/2009

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Term
Trade Offs
Definition
the choice between alternative uses for a given quantity of a resource
Term
Allocation
Definition
the different uses to which resources are put in order to produce different goods and services. The manner in which a society allocates its scarce resources determines what it produces
Term
Opportunity Cost
Definition
real economic cost of a good or service produced measured by the value of the sacrificed alternative.
Term
Production Possibility Frontier (PPF)
Definition
The line on a graph showing the different maximum output combination of goods and services that can be obtained from a fixed amount of resources
Term
"What" Question
Definition
The question concerning the decisions made by an economy about the technology used to produce goods an services
Term
Underemployed Resources
Definition
resources that are not used to their fullest potential
Term
Infrastructure
Definition
an economy's stock of capital much of it publicly owned that provides basic services to producers and consumers. includes such facilities as highways, electric power, water supplies, educational institutions, and health services.
Term
"For Whom"  Question
Definition
the question concerning the decisions made by an economy about income distribution who gets how much of the goods and services produced
Term
Economic Growth
Definition
An increase in the production capacity of the economy
Term
Efficiency
Definition
maximizing the amount of output obtained from a given amount of resources or minimizing the amount of resources used for a given amount of output
Term
Full Employment
Definition
employment of nearly everyone who desires to work. in practice, an unemployment level of not more than 4 to 5 percent is considered full employment
Term
Price Stability
Definition
a constant average level of prices for all goods and services
Term
Inflation
Definition
a continuously rising general price level, resulting in a reduction in the purchasing power of money
Term
Socioeconomic Goal
Definition
the type of xsocial goal that important economic dimensions
Term
"How" Question
Definition
the question concerning the decisions made by an economy about the technology used to produce goods and services
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