https://quizlet.com/_5y6s0n
- Economists: person that studies economic systems
- choices: options, alternatives
- trade-off: a different option for something
- expertise: something you’re great at
- opportunity cost: the cost of the 2nd best alternative use of money, time, or resources.
- maximum: most
- 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.
- output: products that are made
- economic model: an easier way to read using graphs, charts, or drawings.
- constant: always
- solution: answer to a problem
- free enterprise economy: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)
- profit: the extra money that you make
- standard of living: quality of life