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1-10 Vocab List
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10
Economics
12th Grade
08/23/2012

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Term
Scarcity
Definition
is the condition that results for society not having enough resources to produce all the things the people would like to have.
Term
Opportunity Cost
Definition
is what you can do with your time basically the 2nd best thing.
Term
Tradeoffs
Definition
an exchange that occurs as a compromise.
Term
4 Factors of Production
Definition
Land, Labor, Capital, Entrepreneurship
Term
Allocate
Definition
who the product is going to be made for.
Term
Production Possibilities Curve
Definition
is a hypothetical representation of the amount of 2 different goods that can be obtained by shifting resources from the productio of one to the production of the other.
Term
Marginal Benefits
Definition
the additional satisfaction or utility that a person recieves from consuming an additional unit of a good or service.
Term
Marginal Cost
Definition
the increase or decrease in a cost as a result of one more or less unit of output.
Term
Rational Decision Making
Definition
brings a structured a reasonable thought process to the act of deciding.
Term
Specialization
Definition
takes place when factors of production perform tasks that they can do relatively more efficiently than others.
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