ES2555 Ch. 2: The Key Principles of Economics Flashcards
This set will have important vocabulary terms from the book Survey of Economics Principles, Applications, and Tools - fifth edition, the Second Chapter of the text book.
Terms : Hide Images [1]
| 985478988 | Opportunity Cost | What you sacrifice to get something | |
| 985478989 | Production Possibilities Curve | A curve that shows the possible combinations of products that an economy can produce, give that its productive resources are fully employed and efficiently used. | |
| 985478990 | Marginal Benefit | The additional benefit resulting from a small increase in some activity | |
| 985478991 | Marginal Cost | The additional cost resulting from a small increase in some activity | |
| 985478992 | Nominal Value | The face value of an amount of money | |
| 985478993 | Real Value | The value of an amount of money in terms of what can buy |