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5 terms

Economics Chapter 1 Section 3

Vocab words for section 3.
STUDY
PLAY
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