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Terms of Macroeconomics Chapters 2&3

Andrew Lamour

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3.An economy in which a government bureaucracy decides how much of each good to produce, how to produce the good, and who gets the good
5.What you sacrifice to get something
6.The face value of an amount of money
8.A good or service produced in the home country and sold in another country
9.The additional benefit resulting from a small increas in some activity
12.the ability of one person or nation to produce a good at a lower opportunity cost than another person
1.An economy in which people specialize and exchange goods and services in markets
2.A curve that shows the possible combinations of products that an economy can produce, given that its productive resources are fully employed and efficiently used
4.The ability of one person or nation to produce at a lower resource cost than another person or nation
7.The additional cost resulting from a small increase in some activity
10.The value of an amount of money in terms of what it can buy
11.A good or service produced in a foreign country and purchased by residents of the home country

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