ECON Chapter 2 vocab

  1. Produciton Possibility table
    a table that lists a choice's oppotunity cost by summarizing what alternatives outputs you can achive with your inputs
  2. output
    the result of an activity
  3. input
    what you put into a production process to achieve an output
  4. Production possibility curve (PPC)
    a curve measuring the maximum combination of outputs that can be obtained froma given number of inputs
  5. principle of increasing marginal opportunity cost
    in order to get more of something one must give up ever increasing quantities of something else
  6. comparative advantage
    over other resource-the ability to be better suited to the production of one good than to the production of another good
  7. production efficiency
    achieveing as much output as possible from a given amount of inputs or resources
  8. inefficiency
    getting less output from input that, if devoted to some other activity would produce more output
  9. efficiency
    achieving a goal using as few inputs as possible
  10. laissez-faaire
    an economic policy of leaving coordination of individuals actions to the market
  11. outsourcing
    the relocation of production once done in the U.S. to foregin countries
  12. globalization
    the increasing intergrating of economies, cultures, and institutions across the world
  13. law of one price
    the wages of workers in one country will not difer significally from the agies of equal workers in another instituionally similar country
Card Set
ECON Chapter 2 vocab
chapter 2 terms