5th box -Flashcards

a good which is used in the production of other goods and services.

a curve depicting the various combinations of two products for types of products that can be produced when all the available resources are fully and efficiently employed.

something that is desirable such as fashionable clothing, that is not necessary for human survival.

how best to make the decisions about the allocations of scarce resources among competing uses so as to maximise human happiness and welfare.