10 Economics L1T1

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Opportunity Cost

Back

The loss of potential gain from other alternatives when one alternative is chosen.

Front

Production Possibility Curve

Back

A graph that shows the different rates of production of two goods that an economy can produce efficiently during a specific period.

Front

Consumer limitation

Back

Consumers do not have the financial resources to buy all the goods/services they want.

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What to produce

Back

Deciding which goods and services should be produced in an economy.

Front

How to produce

Back

Determining the methods and processes for producing goods and services.

Front

Scarcity impact

Back

Leads to prioritisation and decision-making in resource use.