Unit 1 - Production possibilities curve (PPC)

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 7

flashcard set

Earn XP

Description and Tags

part 3

8 Terms

1
<p>type of cost</p>

type of cost

increasing opportunity cost

New cards
2
<p>type of cost</p>

type of cost

constant opportunity cost

New cards
3
<p>for IOC variation of opportunity cost is due to </p>

for IOC variation of opportunity cost is due to

specialisation of factors of production

New cards
4

specialisation of FOP leads to

constraints on the allocation of resources

New cards
5
<p>at extremes</p>

at extremes

increase in opportunity cost

New cards
6
<p>for COC resources are</p>

for COC resources are

completely flexible and equally suited to producing either good

New cards
7
<p>for COC change in allocation leads to </p>

for COC change in allocation leads to

constant amount of increase in other good

New cards
8

Ceteris paribus assumption

excluding investigated thing all others remain unchanged

New cards
robot