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Definition
| the choice between alternative uses for a given quantity of a resource |
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| the different uses to which resources are put in order to produce different goods and services. The manner in which a society allocates its scarce resources determines what it produces |
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| real economic cost of a good or service produced measured by the value of the sacrificed alternative. |
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| Production Possibility Frontier (PPF) |
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Definition
| The line on a graph showing the different maximum output combination of goods and services that can be obtained from a fixed amount of resources |
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| The question concerning the decisions made by an economy about the technology used to produce goods an services |
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| resources that are not used to their fullest potential |
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| an economy's stock of capital much of it publicly owned that provides basic services to producers and consumers. includes such facilities as highways, electric power, water supplies, educational institutions, and health services. |
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| the question concerning the decisions made by an economy about income distribution who gets how much of the goods and services produced |
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| An increase in the production capacity of the economy |
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| maximizing the amount of output obtained from a given amount of resources or minimizing the amount of resources used for a given amount of output |
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| employment of nearly everyone who desires to work. in practice, an unemployment level of not more than 4 to 5 percent is considered full employment |
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| a constant average level of prices for all goods and services |
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| a continuously rising general price level, resulting in a reduction in the purchasing power of money |
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Term
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Definition
| the type of xsocial goal that important economic dimensions |
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Term
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Definition
| the question concerning the decisions made by an economy about the technology used to produce goods and services |
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