Term
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Definition
| the act of giving up one benefit in order to gain another, greater benefit |
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Term
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Definition
| a phrase expressing the idea that a country that decides to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa |
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Term
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Definition
| the most desirable alternative given up as the result of a decision |
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Term
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Definition
| the process of deciding whether to do or use one additional unit of some resource |
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Term
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Definition
| a decision-making process in which you compare what you will sacrifice and gain by a specific action |
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Term
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Definition
| the extra cost of adding one unit |
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Term
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Definition
| the extra benefit of adding one unit |
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