Economic surplus: the make headway of taking an consummation minus its exists. Opportunity cost: the value of the next-best alternative that must(prenominal) be foregone in order to undertake an use drop down cost: a cost that is beyond recovery at the moment a decision must be made. average out benefit: the total benefit of undertake an activity shared out by the units of the activity. Average cost: the total cost of labor movement an activity divided by the units of the activity. marginal benefit: the knit benefit from undertaking one more(prenominal) unit of an activity. Marginal cost: the extra cost from undertaking one more unit of an activity. Absolute avail: one person has an implicit service over another(prenominal)(prenominal) if he or she takes fewer hours to range a labor movement than the other person. Absolute payoff: one person has an absolute advantage over another if he or she takes fewer hours to perform a line than the other person. The Princip le of Comparative reward: Everyone does best when separately person (or each country) concentrates on the activities for which his or her opportunity cost is lowest. Production possibilities curve: a graph that describes the maximum measurement of one best that can be produced for either contingent level of production of the other good. Attainable point: either combination of goods that can be produced using before desire acquirable resources.
Unattainable point: every combination of goods that cannot be produced using shortly usable resources. Inefficient point: any combination of goods for which currently available resources e nable an increase in the production of one g! ood without a reduction in the production of the other. Efficient point: any combination of goods for which currently available resources do not spare an increase in the production of one good without a reduction in the production of the other. Standard of living: the degree... If you want to rent a full essay, order it on our website: BestEssayCheap.com
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