1.3 Opportunity Cost Flashcards

1
Q

Opportunity cost

A

The value of the next best alternative forgone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Production possibility curve frontier

A

Depicts the maximum productive potential of an economy, using a combination of two goods or services, when resources are fully and efficiently employed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Trade off

A

When one thing id lost to gain something else

How well did you know this?
1
Not at all
2
3
4
5
Perfectly