Econ Opportunity Costs Review
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Last updated 3:58 AM on 2/6/25
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5 Terms
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Opportunity Cost
the value of the next best alternative given up when making a choice
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Marginal Opportunity Cost
the opportunity cost of the marginal unit
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Production Possibilities Frontier
a graph that shows the possible combinations of output of two products given a set amount of resources and a particular technology
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Sunk Cost
a cost that has been incurred in the past and cannot be recoveredS
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Sunk Cost Fallacy
allowing sunk costs to influence decisions
Note 
Flashcards (40)