Econ Opportunity Costs Review

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5 Terms

1
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Opportunity Cost

the value of the next best alternative given up when making a choice

2
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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