+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Trade-offs
|
Alternative choices
|
|
Opportunity costs
|
The cost of the next best alternative
|
|
What is this an example of?
 |
Decision making grid
|
|
What are the benefits of a decision making grid
|
Find the best possible options and outcomes
|
|
Production possibilities frontier
|
A diagram representing various combinations are goods and/or services an economy can produce when all productive resources are fully employed
|
|
Cost-benefit analysis
|
A way of thinking about a problem that compares the costs of an actions to the benefits recieved.
|
|
What is standard of living?
|
The quality of life based on the possessions of the necessities and luxuries that make life easier.
|
|
What is division of labor?
|
The specialization of one job that helps with the whole production of a product
|
|
What are some categories that might be on a decision making grid?
|
Cost, future cost, resourcefulness,
|
|
What is this an example of
 |
Product possibilities frontier
|
|
What do the points on a product possibilities graph represent?
|
The maximum combinations of output possible of all resources are fully employed
|
|
What causes the product possibilities frontier to move outward
|
Economic growth
|
|
Free enterprise economy
|
One in which consumers and privately owned businesses make the majority of the what,how, and for whom decisions.
|
|
Who does not have a big role in a free enterprise economy?
|
The government
|
|
What are the two major categories of the circular flow of income?
|
Firms and households
|
