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Details Title: Macro Description: Chap. 2 Total Flash Cards: 7 Created: 07/11/2006 20:37:04	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term absolute advantage Definition a person can perform a task with fewer resources (for example, in less time) than another person Term attainable point Definition a combination of goods that can be produced using a person's current resources and productivity Term comparative advantage Definition a person can perform a task at a lower opportunity cost than another person Term efficient point Definition a combination of goods in which the production of one good cannot be increased without reducing the production of another good Term inefficient point Definition a combination of goods in which the production of one good can be increased without reducing the production of another good Term production possibility curve Definition a graph that shows the maximum combination of goods that can be produced by a person given their current resources and productivity Term unattainable point Definition a combination of goods that cannot be produced using a person's current resources and productivity