Terms we should remember

See Chapter 1 of the SG
Page 38.
1. Modelling
2. logical truth
3. Production Possibility Frontier (PPF) aka Transformation Curve.
4. means of production
5. constrained
6. technology (in economic terms)

Page 40:
Remember the formula 1/2Y + X is equal to or less than 100

Page 42:
1. Productive efficiency
2. productive efficient
3. Opportunity cost

Page 43
1. Opportunity cost formula
2. binding
3. Inefficient allocations
3. best alternative production

Pa 50:
1. average
2. marginal opportunity cost
3. margin
4. marginal.

I'm not a big proponent of memorization method of studying BUT if we don't know what these words mean and understand the concept of them we'll never get going in our studies in economics. So when we talk to each other let us speak in this language to one another because if you use a word in everyday language then you'll have it memorized forever. Just like when I learned Japanese & Korean & Spanish. Talk this language to your friends, b/f, g/f family, etc. :)