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Definition
| choice between alternative uses for a given quantity of a reasource |
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| different uses to which reasources are put in order to produce different goods and services. |
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Term
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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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Term
| Production possibility frontier (PPF) |
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Definition
| line on a graph showing the different max. output combinations of goods or services that can be obtained from a fixed amount of reasources |
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Term
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Definition
| the question concerning the decisions made by an economy about what (and how much of) particular goods and services to produce with its limited reasources |
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| the question concering the decisions made by an economy about the technology used to produce goods and services |
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Term
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| reasources that are not used to their fullest potential |
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Term
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Definition
| an economys stock of of capitol-much of it publicly owned-provides basic services to producers and consumers |
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| the question concerning the decisions made by an economy about income distrubution |
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| an increase in the producttion capacity of the economy |
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Term
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Definition
| maximizing the amount of output obtained from a given amount of reasouces or minimizing the amount of reasources used for a given amount of output |
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Term
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Definition
| employment of nearly everyone who desires to work. unemployment level of no more than 4-5% is considered full |
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Term
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| constant average level of prices for all goods and services |
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Term
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| continuously rising generla price level. results in a reduction in th e purchasing power of money |
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Term
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Definition
| type of social goal that has important economic dimensions |
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