Introduction to Economics Flashcards by Sajuthan Sathees | Brainscape

Q

What is a PPF diagram?

A

It is a macro diagram, (can be used in micro too).

-Conveys a whole economy, bivariate data and shows two categories and how they both impact each other in various scenarios.

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Q

What are the 4 assessment objectives?

A

Knowledge
Application
Analysis
Evaluation

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Q

What is Opportunity Cost?

A

The potential forgone profit from a missed opportunity, the result of choosing one alternative over the other.

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