Economics Chapter 1 Section 3

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Vocab words for section 3.

efficiency

use of resources in such a way to max the output of goods and services

under-utilization

the use of fewer resources than the economy is capable of using

law of increasing costs

as a production shifts from making one item to another, more sources are needed to make the second

production possibility curve

a graph that shows alternative ways to use an economy's productive resources

production possibilities frontier

combinations of the production

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