Microeconomics chapter 2

if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good

The P.P.F. model shows that

the ability to excdrcise control over one's own resources within the confines of the law

The term "property rights" refers to

purchase;product

Households ______ final goods and services in the ______ market

economic cost of using a factor of production is the alternative use of that factor that is given up

The principle of opportunity cost is that

an oven in a bakery

Which of the following is a factor of production

bowed out

an increase in opportunity cost is represented by a ________ P.P.F.

economic growth

an outward shift in the P.P.F. represents

at a lower opportunity cost than any other producer

comparative advantage mean the ability to produce a good or service

stems from the incompatibilty between limited resources and unlimited wants

scarcity

can produce more than others with the same resources

you have an absolute advantage when you