1
Q
opportunity cost
A
the benefits forgone (missed out on) of the next best alternative
2
Q
free good
A
not scarce, does not have opportunity cost
3
Q
economic good
A
scarce, has an opportunity cost
4
Q
PPC
A
a diagram showing the maximum output an economy can produce when using its resources (FOPs) to their maximum potential
5
Q
PPS
A
a table showing the data for the PPC
6
Q
PPC trade off
A
consumer goods VS. producer goods trade off
7
Q
skewed growth
A
growth in a certain area of the economy
AS-Economics
flashcards
Decks in class (28)
# Cards
-
BASIC Macroeconomics IDEAS10
-
AD + AS18
-
Inflation14
-
Economic systems10
-
Exchange rate12
-
Principles of Absolute and Comparative Advantage8
-
Protectionism20
-
Balance of Payments30
-
Macroeconomic Policies15
-
BASIC Microeconomics IDEAS26
-
Demand + Supply14
-
Equilibrium4
-
Interrelated Markets10
-
Consumer and Producer Surplus2
-
PPC7
-
PED21
-
PES18
-
YED12
-
XED7
-
Economic Integration15
-
Money14
-
Specialisation and the division of labour7
-
Statements/trade5
-
Max and Min Price14
-
Taxes and Subsidies23
-
Transfer Payments and Direct Provision12
-
Privatisation and Nationalisation6
-
Jamey paper 2 mistakes8
