comparative advantage  the ability to produce a good or service at a lower opportunity cost than someone else
marginal benefit  additional benefit
marginal cost (MC)  the additional costs of producing one more unit of output
marginal opportunity cost  the amount of one good or service that must be given up to obtain one additional unit of another good or service
opportunity costs  the highest-valued alternative that must be forgone when a choice is made
production possibilities curve (PPC)  a graphical representation showing the maximum quantity of goods and services that can be produced using limited resources to the fullest extent possible
tradeoff  the act of giving up one good or activity in order to obtain some other good or activity