Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

Vocab words for section 3.


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


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

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording