Ch. 1 Section 2 Flashcards
0
Q
Opportunity cost
A
The value of the next best alternative that had to be given up to do the action that was chosen
1
Q
Trade-off
A
Exchanging one thing for the use of another
2
Q
Production Possibilities Curve
A
To show the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
