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Econ ch 1 sect 3 Production Possibilities Curves Flashcards

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436059993production possibilities curveshow alternative ways to use an economy's productive resources
436059994efficiencyusing resources in such a way as to maxmize the production or output of goods and services
436059995underutilizationusing fewer resources than the economy is capable of using
436059996costthe alternative we give up when we choose one option over the other
436059997law of increasing costas production switches from one item to another, more and more resources are necessary to increase production of the second item
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