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Econ Ch2 - Scarcity

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satisfaction, usefulness, or value one obtains from consuming goods and services.

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Terms in this set (15)

satisfaction, usefulness, or value one obtains from consuming goods and services.

costs that we make in the past that we cannot recover.

products that an economy can produce given the resources it has available when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service).

productive efficiency.

a diagram that shows the productively efficient combinations of two.

production possibilities frontier (PPF).

statement which describes the world as it is.

positive statement.