| A | B |
|---|
| TINSTAAFL | there is no such thing as a free lunch |
| WHAT, HOW, FOR WHOM | three basic economic questions |
| factors of production | land, labor, capital , entrepreneurs |
| Gross Domestic Product | key measure of a nation's health |
| study of economics | helpls us become more informed citizens |
| decision-making grid | helps to evaluate alternatives |
| standard of living | quality of life based on possession of necessities that make life easier |
| all resources are employed | production possibilities frontier shows combination of output |
| production possibilities frontier | shows more products are produced than before |
| value | woth that can be expressed in dollars and cents |
