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Describe the organizational structure and composition of the federal bureaucracy.Specifically,what are the differences between departments,agencies,and bureaus and what are the lines of authority within the executive branch? How representative is the federal bureaucracy of the American public,how is it staffed,and how has this changed since the nineteenth century?
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing an action.
Production Possibilities
The various combinations of goods and services that can be produced in an economy with a given set of resources and technology.
Absolute Advantage
A situation where a producer can produce more goods using the same amount of resources or less than other producers.
Production Possibilities
A graphical representation of the maximum number and combinations of goods and services that can be produced from a fixed set of resources.
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