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Definition
| Study of how individuals/societies choose to use scarce or limited resources |
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Definition
| value of best alternative we give up when we make a choice |
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Term
| why are there opportunity costs? |
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Definition
| because resources are limited |
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| the four criteria to evaluate policy |
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Definition
#1 - Growth
#2 - Equity
#3 - Efficiency
#4 - Stability |
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Term
| efficiency - allocative efficiency |
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Definition
producing what peope want
at the lowest possible cost |
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Definition
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Term
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Definition
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Definition
refers to economic fluctuations
-low inflation
-low unemployment |
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Term
| in substitutions what does consumption equal? |
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Definition
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