Shared Flashcard Set

Details

Market System and Com. Advant.
Key Terms
8
Economics
Undergraduate 1
02/02/2009

Additional Economics Flashcards

 


 

Cards

Term
PPF (Production Possibilities Frontier)
Definition
A curve showing the maximum attainable combination of two products that may be produced with available resources and current technology.
Term
Economic Growth
Definition
The ability of the economy to produce increasing quantities of goods and services.
Term
Trade
Definition
The act of buying and selling.
Term
Absolute Advantage
Definition
The ability of an individual or firm to produce more of a good or service than competitors, using the dame amount of resources.
Term
Comparative Advantage
Definition
The ability of an individual or firm to produce a good or service at a lower opportunity cost than competitors.
Term
Product Markets
Definition
Markets for goods or services.
Term
Factors of Production
Definition
The inputs used to make goods and services.
Term
Efficiency
Definition
Getting the maximum output of resources
Supporting users have an ad free experience!