Lesson summary: Opportunity cost and the PPC

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Lesson Opportunity Flashcards

Macroeconomics

Economic Growth

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4 Terms

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opportunity cost
The ________ of moving from one efficient combination of production to another efficient combination of production is how much of one good is given up in order to get more of the other good.
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Production Possibilities Curve
The ________ (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services.
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Production Possibilities Curve
The ________ (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods.
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