Term
|
Definition
| What you had to give up to do what you did |
|
|
Term
|
Definition
| Total revenue - Total cost |
|
|
Term
|
Definition
| Earnings in excess of your 2nd best alternative |
|
|
Term
|
Definition
| The time, effort, and other resources needed to search out, negotiate, and complete an exchange |
|
|
Term
|
Definition
| Common ownership leads people to use things without regard to others |
|
|
Term
| Production possibilities curve (PPC) |
|
Definition
| Shoes maximum amount of any two products that can be produced from a fixed set of resources and tradeoffs of producing them. Shows us what can be produced |
|
|
Term
|
Definition
| Shows things that are inefficient |
|
|
Term
|
Definition
| Possible and some combination |
|
|
Term
|
Definition
| Everything that is impossible |
|
|
Term
| Why would the PPC shift outwards? |
|
Definition
|
|
Term
| Why would the PPC shift inwards? |
|
Definition
| A decrees in resources, product etc. |
|
|
Term
| What does the PPC mean if its rotating out? |
|
Definition
| There getting better at producing one good |
|
|
Term
|
Definition
| The more of something that is produced the greater OC of producing one more unit |
|
|
Term
|
Definition
| The ability to produce units of a good or service using a given quantity of labor or resource inputs |
|
|
Term
|
Definition
| The ability to produce a good service at a lower opportunity cost that other producer |
|
|
Term
|
Definition
| Private ownership of resources and use of the system of markets and prices to coordinate and direct encore ic activity |
|
|
Term
|
Definition
| Government ownership of all resources and the rendering of economic decisions through central economic planning |
|
|
Term
|
Definition
| Combination of both capitalism and socialism |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Describes effects of a change in the current situation |
|
|
Term
|
Definition
| Change in total cost from dong something a little bit more or a little less |
|
|
Term
|
Definition
| Change in total benefit from doing something a little bit more or a little less |
|
|
Term
| Marginal Cost to society (MCSOC) |
|
Definition
| Chance in total cose, considering all people in the world, from doing something a little bit more or a little less |
|
|
Term
| Marginal Benefit to society (MBSOC) |
|
Definition
| Chance in total benefit, considering all people in the world, from doing something a little bit more or a little less |
|
|
Term
|
Definition
| Total Benefits - Total Costs |
|
|
Term
| Total Welfare (fot an individual market) |
|
Definition
| (net) benefit to society (in $) from the market existing |
|
|
Term
|
Definition
| Difference in total welfare between the market in its current form versus the economic efficient level (social optimal) |
|
|
