1.5.5 Business choices Flashcards by Ece Ahsak

Q

define opportunity cost

A

loss of best next alternative

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

define trade off

A

compromise business makes

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

the problem

A

land labour capital enterprise
unlimited wants
scarcity

How well did you know this?

1

Not at all

2

3

4

5

Perfectly