Daily Output of Japan and United States
Table 18.2
-Refer to Table 18.2.The opportunity cost of a stereo in the United States is
Definitions:
Marginal Change
A small adjustment to an existing set of conditions or a system, measuring the effect of a one-unit increase or decrease in some variable.
Centrally-Planned Economy
An economic system where all major decisions regarding production, distribution, and consumption are made by the government.
Economic Activity
The total amount of production, distribution, and consumption of goods and services in an economy.
Marginal Cost
The bump in complete expenses that occurs when an additional unit of a product or service is produced.
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