PPC Flashcards
1
Q
opportunity cost
A
the benefits forgone (missed out on) of the next best alternative
2
Q
free good
A
not scarce, does not have opportunity cost
3
Q
economic good
A
scarce, has an opportunity cost
4
Q
PPC
A
a diagram showing the maximum output an economy can produce when using its resources (FOPs) to their maximum potential
5
Q
PPS
A
a table showing the data for the PPC
6
Q
PPC trade off
A
consumer goods VS. producer goods trade off
7
Q
skewed growth
A
growth in a certain area of the economy
