5th box -Flashcards

a statement of fact that can be scientifically tested to see if it is correct or incorrect.

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.

the economic well being of an individual, or a group within society, or an economy.

when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences.