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The Economic Problem, Economic versus Free Goods, Opportunity Cost, The PPF/PPC
PPF and PPC graph
A graph showing all possible combinations of two goods that can be produced with fixed resources and technology.
Opportunity cost
The cost of the next best alternative option
Need
Something that is essential to your survival for example water and food
Want
want is something that isnt essential to survival but its good to have for example a mobile phone
Economic problem
satisfying unlimited wants with limited resources, leading to choices
