PPC Flashcards Preview

AS-Economics > PPC > Flashcards

Flashcards in PPC Deck (7)
Loading flashcards...
1

opportunity cost

the benefits forgone (missed out on) of the next best alternative

2

free good

not scarce, does not have opportunity cost

3

economic good

scarce, has an opportunity cost

4

PPC

a diagram showing the maximum output an economy can produce when using its resources (FOPs) to their maximum potential

5

PPS

a table showing the data for the PPC

6

PPC trade off

consumer goods VS. producer goods trade off

7

skewed growth

growth in a certain area of the economy