Opportunity Cost
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Opportunity Cost (definition) | show 🗑
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| show | the value of the next best alternative use of time, money, or resources
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| show | when you give something up in order to get something else
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| show | -illustrates the trade-offs facing an economy that hypothetically only produces 2 goods with their resources
-it shows the max quantity of 1 good that can be produced for each possible quantity of the other good produced
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| show | -when an economy uses or employs all its resources
-efficient is being on your PPC curve
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| Efficient (IMP--MC on TEST) | show 🗑
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| Economic Growth | show 🗑
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| show | GDP
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| show | 1) better technology
2) more resources
3) investing in HUMAN CAPTIAL
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| marginal benefit | show 🗑
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| show | additional cost resulting from a small increase in some activity
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| show | increase the level of an activity as long as its marginal benefit exceeds its marginal cost
*choose the level at which the marginal benefit=marginal cost*
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| show | a voluntary exchange between 2 people makes both people better off
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| show | the face value of an amount of money
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| real value | show 🗑
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| principle of diminishing returns | show 🗑
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Created by:
bbell123
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