Posted in Economics

Econ Vocab–The last of Chapter 1

  1. Economists: person that studies economic systems
  2. choices: options, alternatives
  3. trade-off: a different option for something
  4. expertise: something you’re great at
  5. opportunity cost: the cost of the 2nd best alternative use of money, time, or resources.
  1. maximum: most
  2. Production Possibilities Frontier (PPF): a graph that represents the maximum amount of goods and/or services an economy can produce when using all its good resources.
  1. output: products that are made
  2. economic model: an easier way to read using graphs, charts, or drawings.
  1. constant: always
  2. solution: answer to a problem
  3. free enterprise economy: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)
  1. profit: the extra money that you make
  2. standard of living: quality of life

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