Microeco Finals

is the foregone value of the next best alternative the value of things we give up. We weigh the costs and benefits of various options, including opportunity costs though sometimes, this cost cannot be expressed in terms of money.

Our ____ is that we merely have limited resources to satisfy relatively unlimited wants.

There are enough resources to suffice everything that everyone wants. Therefore, humans must make a choice.

• True

• False

We weigh the costs and benefits of various options, including opportunity costs though sometimes, this cost cannot be expressed in terms of money.

• True

• False

assume that we pick the choice we find more of value.

In the economic world, both is not applicable because we only have limited resources, as so with time.

• True

• False

Whichever option is chosen, you will not miss the value of the other options.

• True

• False

is a curve that illustrates the production possibilities for the economy. represents the frontier of the economy's production abilities. As a frontier, it is the maximum production possible given obtainable resources and technology.

what does PPC mean?

Plotting the values in the ___, we will be able to understand the relationship between the production variables.