Unit 1

Not Increased productivity

Not an economic question used to identify economic systems

focus on what we’re best at

What you would have done if you had not made the choice you did

No fraudulent trade

Opportunity cost if you move from point d to point c

Knowledge, skills and training

in a marginal benefit analysis

Revenue-costs

illustrates opportunity costs

Consumer protection policies

Not a ROLE of GOVERNMENT in a market economy

Not a social economic goal of a market economy

Reason to do or not to do

Scarcity

Productive efficiency

To the left of the ppf

For society to have a surplus we each specialize and divide the