ECON Chapter 2 vocab

a table that lists a choice's oppotunity cost by summarizing what alternatives outputs you can achive with your inputs

the result of an activity

what you put into a production process to achieve an output

a curve measuring the maximum combination of outputs that can be obtained froma given number of inputs

in order to get more of something one must give up ever increasing quantities of something else

over other resource-the ability to be better suited to the production of one good than to the production of another good

achieveing as much output as possible from a given amount of inputs or resources

getting less output from input that, if devoted to some other activity would produce more output

achieving a goal using as few inputs as possible

an economic policy of leaving coordination of individuals actions to the market

the relocation of production once done in the U.S. to foregin countries

the increasing intergrating of economies, cultures, and institutions across the world

the wages of workers in one country will not difer significally from the agies of equal workers in another instituionally similar country