Flashcards - Fundamental Concepts of Macroeconomics

Flashcards - Fundamental Concepts of Macroeconomics
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production possibility frontier
A production-possibility frontier or production possibility curve is a graphical representation of possible combination of two goods with constant resources and technology
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economic model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them
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economic model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them
production possibility frontier
A production-possibility frontier or production possibility curve is a graphical representation of possible combination of two goods with constant resources and technology
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
productivity
Productivity is an average measure of the efficiency of production
Factors of production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output-that is, finished goods and services

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