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C719

Module 1

QuestionAnswer
The inability to satisfy everyone's wants Scarcity
The full value of the next best alternative Opportunity Cost
The value of what is given up Opportunity Cost
A graph of all the output combinations of two goods Production Possibilities Curve
Greater sacrifices required to shift more production to one good Increasing Opportunity Cost
Shape of the PPC with increasing opportunity costs Bowed out
An output combination directly on the PPC Efficient
An output combination below the PPC Inefficient
An Output combination above the ppc Unattainable
When you face a choice between possible alternatives Trade-off
When the PPC shifts outward Growth
Created by: chawk69
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