Week 1 Definition Matrix
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WordDefinition
Definition in your own words
Example
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ScarcityUnlimited wants + limited resources = scarcityWhen I want more than I can have, I'm forced to make choicesI want to sleep in but I love getting coffee before class because it keeps me awake. I'm forced to chose between sleep and coffee
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Opportunity CostMeasured in terms of the next best alternative foregoneWhat I'm giving up in order to get something elseAn extra 10 minutes of sleep is what I give up in order to get coffee before class
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Allocative EfficiencyWhat and how much is produced, how does society chose where to allocate its resourcesWhat am I doing with what I haveI have a limited amount of money, it would be more efficient to save my money than to spend it on coffee every morning
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Technological Efficiency
How are the goods produced, what is the best production method for producing goodsUsing technology to better my situationI love to bake but my arm gets tired stiring batter, so I use a mixer instead. It takes half the amount of time, so I'm able to do other things
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Fairness or EquityWho gets what is produced, how are the goods distributed amongst the members of societyWho gets whatIs it fair that I can afford to live in Chicago and go to a good school and other people can't
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