1.3 Opportunity Cost

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Last updated 7:49 PM on 9/12/26
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4 Terms

1
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Opportunity cost

The next best alternative foregone

2
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<p>Production possibility curve (PPC)</p>

Production possibility curve (PPC)

A curve to show the maximum combination of goods and services an economy can produce when fully utilising its resources in a period of time

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Trade-off

A situation in which the choice of one alternative requires the sacrifice of another

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Reallocation of resources

Switching factors of production to alternative uses