Flashcard Set Preview
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| 1 |
absolute advantage
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a person can perform a task with fewer resources (for example, in less time) than another person
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| 2 |
attainable point
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a combination of goods that can be produced using a person's current resources and productivity
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comparative advantage
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a person can perform a task at a lower opportunity cost than another person
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efficient point
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a combination of goods in which the production of one good cannot be increased without reducing...
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inefficient point
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a combination of goods in which the production of one good can be increased without reducing...
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production possibility curve
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a graph that shows the maximum combination of goods that can be produced by a person given...
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unattainable point
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a combination of goods that cannot be produced using a person's current resources and productivity
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