A curve which shows the max. level of out output for one good given a level output for all other goods in the economy
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Opportunity Cost
The benefits forgone of the next best alternative.
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Economic Growth
Rate of increase in National output per year, measured by GDP.
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Renewable Resources
Resources such as fish stock orforests which can be exploited over and again and they can renew themselves.
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Non-renewable Resources
Resources such as coal or oil, which once exploited. It cannot be replaced.
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Sustainable Resources
Renewable Resources which are being economically exploited in such a way that they will never runout.
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Factor of Production
The inputs to the production process; land, labour, capital and enterprise.
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Specialization
A system of organization where economic units such as households or nations concentrated on producing certain goods and services, and trading the surplus with others.
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Division of Labour
Specialization by workers to perform of a particular part in the production process.
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Other cards in this set
Card 2
Front
The benefits forgone of the next best alternative.
Back
Opportunity Cost
Card 3
Front
Rate of increase in National output per year, measured by GDP.
Back
Card 4
Front
Resources such as fish stock orforests which can be exploited over and again and they can renew themselves.
Back
Card 5
Front
Resources such as coal or oil, which once exploited. It cannot be replaced.
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