Term
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Definition
| What you sacrifice to get something |
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Term
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Definition
| Inputs used to produce goods and services. Land, Labor, capital. |
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Term
| Production Possibilities Curve |
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Definition
| Curve that shows the possible combinations of products that an economy can produce, given that its productive resources are fully employed and efficiently used |
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Term
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Definition
| Extra benefit resulting from a small increase in an activity |
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Term
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Definition
| Additional Cost resulting from a small increase in some activity |
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Term
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Definition
| An arrangement that allows people to exchange things |
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Term
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Definition
| Face value of an amount of money |
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Term
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Definition
| The value of an amount of money based on its buying power |
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