Principles of Economics
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Test Bank For Principles of Economics 5th Edition By Frank Complete Test Bank
1. At its core, Economics is about.. individuals (consumers, firms) and governments making choices given scarce resources 2. Trade-Offs involve opportunity cost, the value of the best al- ternative given up 3. Productive efficiency: Productive efficiency: A situation in which a good or service is produced at the lowest possible cost 4. a production possibili- ties frontier (PPF) 5. centrally planned econo- my A production possibilities frontier (PPF) is a curve showing the ...