Unit 1.3 Opportunity cost & 1.4 PPC

Front

Opportunity cost

Back

the next best alternative foregone when making an economic decision

Front

Production Possibility Curve (PPC)

Back

shows the maximum possible output for two goods or service with a given amount of resources

Front

Productive capacity / Productive potential

Back

the ability of an economy to produce goods and service if all factors of production are fully employed