M5 Chaps 3-4 Key Terms and Concepts

Page 17. ____________: the best alternative forgone.

Page 21. ____________: a curve that shows the maximum output of two types of products and combination of those products that can be produced with existing resources and technology.

Page 20. The USA produces many more ____ __ _____ than Mauritius.

Page 20. In ______, the output of the USA was valued $18_______ whereas it was only $25billion n Mauritus. You should not be surprised at this difference.

Page 20. The USA has a much larger __________ with much larger _______ force, more capital ______, more __________ and more________ ______.

Page 20. The productive potential of an _________, ____, or a country can be shown on a production possibility ________ diagram. Such a diagram can also illustrate opportunity cost and ________.